The Terminal Produce Market has been considering leaving Hunts Point, possibly for New Jersey and possibly for somewhere else, but on the New Year's Eve the city managed to achieve its goal of keeping the market in its current location, reaching an agree to renew its lease for seven years. The city want to develop a long-term plan to rebuild and improve the market, which provides 3,000 jobs in the South Bronx.
The terms of the agreement reduce the market's annual rent from $4.5 million to $4 million, but also reduce the amount that the market can deduct for repairs, from $2.25 million to $1.5 million. The market didn't get everything it wanted and, according to its council, will still be considering other offers. Previously, the market had complained about the Business Integrity Commission, which is supposed to keep organized crime out of certain industries, being perhaps a little over-involved. But the city was not willing to budge on that point and market backed off.
· City Makes Deal to Keep Market at Hunts Point [NYT]
· Hunts Point coverage [Curbed]