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$110M Battery Maritime Selects Developer

NEW YORK CITY-New York City EDC has chosen The Dermot Co. and the Poulakakos family to develop the historic $110 million project.

By Natalie Dolce | Updated on July 10, 2007

NEW YORK CITY-New York City Economic Development Corp. has selected the development team of the Dermot Co. and the Poulakakos family to develop the historic Battery Maritime Building located next to the Whitehall Ferry Terminal. The approximately $110-million project began in 2001 thanks to a $58-million investment by the EDC.

The project will feature a specialty foods marketplace and education center, a boutique hotel, and roof top restaurant and bar. Under the terms of the agreement, the developer will lease the property for 49 years, with five 10-year renewals. The project will create approximately 560 construction jobs and more than 150 permanent jobs and result in over $75 million in revenue for the City over 30 years, according to a statement by the NYCEDC.

“The proposal by The Dermot Co. and Poulakakos family provides an excellent project for this unique building,” says NYCEDC president Robert Lieber. “It will preserve the historic features of the building, bring the grandeur of the second floor Great Hall back into the public domain and create a wonderful waterfront destination for all New Yorkers and visitors to enjoy.”

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