NYC's city-owned markets keep food cheap, at a cost

"Newly obtained financial records show that those three markets ran a combined operating loss of roughly $3.6 million in fiscal year 2024, a modest subsidy by city standards that helps keep food prices low, preserves legacy vendors, and, in one case, incubates a restaurant group that reshaped NYC's dining scene."

"EDC rents city-owned properties to private vendors at below-market rates, while covering operational costs such as utilities, security, janitorial services and maintenance. According to an appraisal that EDC commissioned in 2025, retail space at Essex Market could command $115 per square foot in rent on the open market. But records show that some vendors paid as little as $38 per square foot in base rent that fiscal year, with an average rent of around $91 per square foot."

"The EDC says the point of the markets is not to turn a profit but to provide access to affordable, healthy food."

New York City operates six public retail markets, with three directly managed by the Economic Development Corporation: Essex Market, La Marqueta, and Moore Street Market. Financial records reveal these three markets generated a combined operating loss of approximately $3.6 million in fiscal year 2024. The EDC subsidizes operations by renting city-owned properties to vendors at below-market rates while covering utilities, security, janitorial services, and maintenance. Vendors pay base rents averaging around $91 per square foot, significantly below the $115 per square foot market rate. The EDC maintains that three other public markets—at Arthur Avenue, 13th Avenue, and Jamaica—operated profitably. The organization emphasizes that these markets prioritize affordable food access over profit generation.

Read at Gothamist