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NYCEDC inducts Pradeep Jain, Chairman, Parsvnath Developers as new member of New York City Financial Services Advisory Committee

In yet another milestone for Indian Real Estate Industry and Indian Entrepreneurs, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited has been inducted in the New York City Financial Services Advisory Committee of NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION (NYCEDC). NYCEDC formed this Advisory Committee to foster dialogue between senior private sector leaders and the Bloomberg Administration on the critical issues affecting New York City’s financial industry through roundtables and forums. This Committee consists of selected leaders from various industries including real estate, investment and financial services industries.

NYCEDC stimulates economic growth throughout New York City by encouraging and facilitating real estate development. NYCEDC utilize the real estate to generate maximum for the community by generating employment opportunities and also by lasing city owned properties for economic development purposes.

On being inducted in the Advisory Committee, Mr. Pradeep Jain, said “NYCEDC, which started in 1991, has come a long way in promoting and facilitating investments of approx. US.$. 1.7 billion in private sector and has created more than 12,000 permanent jobs through the sale of vacant sites throughout New York City. With more than two decades of my experience in the real estate and allied businesses in India and the expertise of global leaders of NYCEDC in facilitating investments and creating jobs, we would together bring a unique and very important perspective to the community as a whole. Coming to the Committee I would like to take the good work further and contribute positively to the goals set by NYCEDC from time to time.”

Profile – Mr. Pradeep Jain

Born in a small town of Panipat, Mr. Pradeep Jain, with no capital in hand migrated to Delhi and started as a property consultant. Having understood the finer norms of housing business, he started Parsvnath And Associates Pvt. Ltd. in 1986. With a vast experience in the real estate sector, Mr. Jain visualized the lucrative opportunities in the sector and it was his vision that gave birth to Parsvnath Developers Limited which was incorporated in 1990. Over the years, Mr. Jain’s expertise in the realty sector has helped Parsvnath Developers limited to explore opportunities to foray into infrastructure domain, hospitality and entertainment avenues. This optimistic move has helped Parsvnath Developers Limited move from a real estate developer company to a leading infrastructure developer.

Mr. Jain is well aware of his duty towards corporate social responsibilities and through his voluntary efforts is constantly associated with numerous philanthropic organizations & social activities. He firmly believes that Corporate Social Responsibilities add corporate value to organizations and hence formed Parsvnath Foundation, a CSR arm of Parsvnath Developers Limited. With this initiative, he has tried to promote, operate, improve, and develop scientific institutions, schools, libraries, clinics, hospitals, dispensaries, crèches for poor and needy. Mr. Jain Chairman, Parsvnath Developers Limited is also Chairman of Delhi Stock Exchange; President CREDAI-NCR, an apex body of developers. He is one of the Trustees of Maharaja Agrasen Hospital, Trustee and Vice Chairman of Moradabad Educational Trust, President, Sonagir Digamber Jain Trust, Patron, Vaish Federation, He is also a Governing Body member with Asian Public Real Estate Association in Singapore, Associated Chamber of Commerce & Industry (ASSOCHAM), PHDCCI, PHD, Rural Development Foundation & Family Welfare, Confederation of Indian Industry (CII), Delhi REDCO, Rajasthan Real Estate Development Council (RAJREDCO) and several other associations.

About New York City Economic Development Corporation:

New York City Economic Development Corporation (NYCEDC) was formed in 1991 as a result of the merger of two not-for-profit corporations that performed economic development services for the City. New York City Economic Development Corporation’s mission is to encourage economic growth in each of the five boroughs of New York City by strengthening the City’s competitive position and facilitating investments that build capacity, generate prosperity and catalyze the economic vibrancy of City life as a whole.

The Board of Directors of NYCEDC includes eminent professionals such as Tony Barsamian, Sharon Y. Bowen, William Candelaria, Angela Chao, Nicholas Dmytryszyn and Joseph I. Douek among others. The President of NYCEDC is Seth W. Pinsky who was an attorney by training, prior to joining NYCEDC. Seth was an associate at the law firm of Cleary Gottlieb, Steen & Hamilton in the Real Estate practice and a financial analyst at the Mergers & Acquisitions boutique, James D. Wolfensohn Incorporated. Seth is a graduate of Columbia College, where he majored in Ancient History, and Harvard Law School.

NYDEC Advisory Committee has been constituted under the guidance of New York City Mayor Michael R. Bloomberg and the Committee consists of distinguished leaders of global financial services industry such as Roger Ferguson (CEO of TIA-CREF), Archie Cox, (Chairman of Barclays of North America), Victor Chu (Chairman of First Eastern Investment), Lloyd Blankfein (Chairman and CEO of Goldman Sachs) among others.

Since its inception in 1991, NYCEDC has brought billions of dollars in private investments to the City and has helped to create thousands of jobs through its various projects and initiatives. By encouraging commerce within the City, managing City-owned properties, administering loans and financing, and facilitating commercial and industrial development, NYCEDC has successfully completed hundreds of development projects and implemented many public policy initiatives.