Bloomberg Taps Insider Pinsky to Lead EDC [UPDATED]

EDC veteran Seth Pinsky has been appointed head of the city’s Economic Development Corporation, taking over the job vacated by now-Deputy Mayor Robert Lieber, the city announced today.

The appointment of Mr. Pinsky, who as an EDC vice president had his hands in many of the city’s major development projects, seems to suggest the Bloomberg administration favored a clean transition as the mayor has less than two years left in office. The administration has previously looked to the private sector to fill top EDC positions, though the job may also have been a harder sell given its temporary nature.

In the past two years, EDC has seen a shuffling of its top ranks. In 2006, then-president Andrew Alper resigned, and his interim replacement Josh Sirefman went to Brookfield Properties a few months later. Kate Ascher, a top EDC vice president, left the agency last year for Vornado Realty Trust; and in December, the mayor announced that Mr. Lieber, in office for less than a year, was being promoted to take Deputy Mayor Dan Doctoroff’s job.

Update 7:25 p.m.
A couple more quick details: Mr. Pinsky is a bit of a kid, 36 years old, and will be making $189,700 annually, a spokesman for the mayor tells us.

Release below:

MAYOR BLOOMBERG APPOINTS SETH PINSKY AS EDC PRESIDENT

Pinsky’s Experience and Talent will Advance the City’s Five Borough Economic Development Strategy at a Critical Time

Mayor Michael R. Bloomberg today announced that he has submitted the name of Seth Pinsky to be President of the New York City Economic Development Corporation (EDC), the City’s primary vehicle for implementing its five borough economic development strategy, to the EDC Board. Mr. Pinsky has extensive private sector experience in real estate and finance. He joined EDC in 2003, where he is currently Executive Vice President. At EDC he oversees financial analysis and structuring for some of the City's major projects, as well as with the disposition of City real estate for development. Once approved by the Board, Mr. Pinsky will oversee nearly 400 employees engaged in a wide array of economic development projects in all five boroughs.

“Seth Pinsky has a great blend of public and private sector experience, including nearly five years at EDC working on some of its most important projects,” said Mayor Bloomberg. “As we work to advance projects over the next 23 months, having someone who can hit the ground running and lead this talented team of dedicated professionals is paramount. At a time when the national economy is increasingly uncertain, it’s more important than ever that we continue investing in projects that will lead to long-term growth. There is no one better to lead our efforts and get big things done than Seth.”

               “Since joining EDC in 2003, I have had the opportunity to work on projects that are reshaping our City and preparing us to meet the challenges of the future,” said incoming EDC President Pinsky.  “I know how dedicated the staff here is and I know how important it is to Mayor Bloomberg and the Administration that we continue to advance innovative projects in all five boroughs.  I look forward to continuing to serve at EDC and to leading the extraordinary group of talented professionals that make up our team.”

               EDC supports and enhances the City’s job and revenue base through a variety of means, including catalyzing the development of commercial and industrial real estate, supporting and promoting New York City’s business community, attracting companies not yet located in the City, and promoting the economic revitalization of the City’s waterfront, industrial zones and neighborhoods.

               Mr. Pinsky has been with EDC since 2003, in several positions.  At EDC, he has been involved in projects throughout the five boroughs, including the new Mets and Yankee Stadiums, Atlantic Yards, Queens West and  Hudson Yards.  Prior to joining EDC, Mr. Pinsky was an associate with the New York law firm of Cleary, Gottlieb, Steen and Hamilton for five years. He also served as a financial analyst in mergers and acquisitions at James D. Wolfensohn Incorporated.  He lives in Park Slope, Brooklyn.

“Having worked with Seth at EDC, I feel confident that he’s the best choice to take over and continue the vast array of projects in all five boroughs,” said Deputy Mayor for Economic Development Robert C. Lieber “Seth’s knowledge and experience of the projects in the EDC portfolio, including his direct leadership on many of the most visible, well help us advance them. It’s all about creating jobs and improving the quality of life in all five boroughs, and Seth has the knowledge and skills to help us do that.”