EDC’s $58M in Times Square rent mostly sunk into ferries

The Economic Development Corporation used to send the city coffers tens of millions of dollars in rent revenue from its Times Square real estate holdings. Now EDC spends almost all of it to operate the NYC Ferry system, The City reported. The city’s West 42nd Street properties brought in nearly $58 million in rent last year, slightly more than the $53 million a year EDC shells out to prop up ferry operations. That excludes the

source https://therealdeal.com/2020/09/30/edcs-58m-in-times-square-rent-mostly-sunk-into-ferries/