Contact: Sunny Mindel/Curt Ritter 212/788-2958
Bernadette O'Leary/Bruce Brodoff 212/312-3523 (EDC)
Mayor Rudolph W. Giuliani today announced the appointment of Michael G. Carey as President of the New York City Economic Development Corporation (EDC), the City's primary vehicle for economic development services.
Mr. Carey has been Acting President of EDC since May 7, 1999, following Charles Millard's resignation. As EDC President, he will also serve as Chairman of the Industrial Development Agency (IDA), a public benefit corporation administered by EDC that encourages business development and expansion in New York City
Mr. Carey joined EDC on May 5, 1997 as First Executive Vice President and General Counsel to EDC and General Counsel to the IDA. His responsibilities have also included overseeing the real estate development, waterfront, transportation, and planning divisions at EDC.
"I am pleased to appoint Michael Carey as EDC President," said Mayor Giuliani. "During his tenure as First Executive Vice President and General Counsel, Michael has consistently demonstrated his knowledge of the City's business community and has shown that he has the negotiating skills, vision and strong leadership needed to successfully advance the economic growth New York City has recently experienced. I am confident that Michael will build on these accomplishments and will continue to serve New York City with great distinction."
During Mr. Carey's tenure, EDC helped in the development and privatization of 30 City-owned properties valued at $144 million. These real estate projects have, in turn, generated private investment in development programs with a value in excess of $2 billion. When completed, these properties will create more than 8,000 permanent jobs within the five boroughs.
"I am honored to be given this opportunity to assist Mayor Giuliani's economic development efforts," said Carey. "The past two years at EDC have been the most interesting and professionally rewarding experience of my career, and I look forward to working with the Mayor and Deputy Mayor Randy Levine to create more jobs, foster economic growth and opportunity, and further improve the quality of life in New York City."
Mr. Carey has been involved in a number of EDC real estate projects including: the upcoming development of the Loews King Theater in Brooklyn; the retail development in College Point Corporate Park; 42nd Street's E-Walk and the AMC Tussaud's project; the redevelopment of 125th Street in Harlem, and the new FAA headquarters in Queens. Mr. Carey was also instrumental in the construction of the new Staten Island Yankees ballfield at the College of Staten Island, which opened yesterday.
Mr. Carey has also played a critical role in a variety of EDC initiatives that have enhanced the City's maritime transportation and rail freight infrastructure, including the Strategic Plan for the Redevelopment of the Port of New York and the Cross Harbor Freight Movement Major Investment Study. Furthermore, he has advanced the renovation of the St. George Ferry Terminal in Staten Island, the development of a private ferry terminal in West Midtown Manhattan, and the expansion of facilities at the Howland Hook Marine Terminal, the City's largest container port.
In addition, he has led the City's efforts in the proceedings before the Federal Surface Transportation Board on the Conrail acquisition by CSX and Norfolk Southern, as well as EDC's successful joint petition with the New York State Department of Transportation, which will result in competitive rail access east of the Hudson River and lower shipping costs for businesses and consumers in New York City.
As General Counsel to the IDA, Mr. Carey helped the agency assist over 170 companies, including 77 small manufacturers and industrial businesses. These IDA transactions have helped these small businesses keep 6,950 jobs in the City and create an estimated 2,312 additional jobs.
Mr. Carey was previously a Managing Director of the New York City investment banking firm Cambridge Partners, where he specialized in municipal finance and financial products. Before joining Cambridge, he was a partner with the New York City law firm Whitman Breed Abbott & Morgan, where he practiced corporate and commercial litigation. Carey began his career at the law firm of Paul Weiss Rifkind Wharton & Garrison, after he graduated from the Catholic University of America and Fordham Law School.
Active in a number of charities including the Franciscan Health Care Organization, Carey is a Director of the Flax Trust, a not-for-profit group whose purpose is to promote economic development in Northern Ireland.
Born in Brooklyn, Carey is the son of former New York State Governor Hugh L. Carey and the late Helen Owen Carey. He is one of 12 children.