Mayor Michael Bloomberg announced Wednesday that the Hunts Point Terminal Produce Market had extended its lease by three years. The deal will allow the city and the produce vendors to continue negotiating a long term contract that will include a $320 million renovation of the market.
The current lease expired on May 31, and the negotiations—which began nearly a year ago—went down to the wire. As part of the temporary arrangement, the produce vendors agreed to cease their negotiations with officials from New Jersey, who had been aggressively wooing the market to relocate.
Stephen Katzman, co-president of the market, said in a statement, “This proposal keeps us in the Bronx for at least the next three years and requires us to negotiate exclusively with the city for a term of nine months in hopes of coming to a long-term lease renewal.”
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