Seth Pinsky heads through the revolving door to real estate

Pinsky in Midtown. (Dana Rubinstein)
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Seth Pinsky, the president of the mayor's economic development corporation, is going into real estate. Today, his boss, deputy mayor for economic development Robert Steel, sent out a memo to agency staff announcing the news.

Kyle Kimball, the agency's executive director, will succeed him.

Pinsky, who has served in the position since 2008, has spearheaded some of Mayor Michael Bloomberg's most controversial economic development projects, like the redevelopment of Willets Point, as well as some of its most lauded, like the agreement to create a Cornell-Technion campus on Roosevelt Island.

His new gig will be as an executive vice president at RXR Realty, the firm run by Port Authority boardmember Scott Rechler.

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Here's the memo:

Later this morning, it will be announced that after five years as President of NYCEDC, Seth Pinsky has accepted a new position in the real estate development industry. Seth had apprised the Mayor and me of his interest in taking on a new challenge several months ago, but when the Mayor entrusted him with the important mission of leading the Special Initiative on Resiliency and Rebuilding he agreed to stay on through the summer.

Seth’s contributions to the City have been numerous, from his early accomplishments on behalf of the Bloomberg Administration at Yankee Stadium and the World Trade Center to recent landmark projects including the Cornell-Technion campus on Roosevelt Island, the Wheel and retail project on Staten Island, the redevelopment of Coney Island, Kingsbridge Armory and Willets Point, and the development of the Alexandria Science Center in Manhattan.

Seth leaves EDC – whose principal mission is job creation and economic diversification – at a time when the City economy boasts a record number of private sector jobs after having weathered the worst recession of our lifetimes better than almost anyone could have predicted.

Seth should also be recognized for leading the transformation of EDC into a world-renowned urban economic development thought leader, having spearheaded critical investments in the City’s infrastructure and economic diversity that will pay dividends for generations.

But perhaps his longest-lasting legacy will be the tremendous quality of the team assembled under his leadership at EDC.

To that end, I am pleased to announce that the Mayor will nominate Kyle Kimball to be the next President of EDC.

Kyle has served as Executive Director of EDC since December 2012, leading EDC on a day-to-day basis while Seth led SIRR. Prior to that, Kyle held several senior leadership positions at EDC, including Chief Operating Officer, Chief Financial Officer, and head of the Real Estate Transaction Services group.

He joined EDC in 2008 from Goldman Sachs, and has played a key role in a number of important projects, including the relocation of JetBlue’s headquarters to Long Island City, the consolidation of Brooklyn Bridge Park under City control, and the restructuring of EDC’s finance and CFO reporting functions. Kyle received his BA from Harvard College and a Masters in Public Policy from Harvard’s Kennedy School of Government.

The Mayor and I are pleased to have Kyle lead EDC as we continue to implement the Mayor’s economic development agenda and bring jobs and private investment to all five boroughs.

Please join me in thanking Seth for his leadership and partnership and in wishing him continued success in the private sector, and in wishing Kyle continued success as he takes on the leadership of EDC.

CORRECTION: The original version of this article incorrectly gave Kimball's current title as CFO, which is what it said in his bio as of this morning on the EDC website