Mamdani appointed Shorris as president and CEO of the highly effective growth company and Khan, the previous chair of the Federal Commerce Fee, as chair of its board of administrators, bringing a months-long seek for EDC’s subsequent chief to an in depth.
The mixture locations a longtime authorities operator who’s at present a companion at McKinsey & Co. alongside one of many nation’s most distinguished critics of company consolidation as Mamdani seeks to make use of EDC’s management of public land, financing and funding to advance his financial agenda.
Talking on the announcement Wednesday morning within the Metropolis Corridor rotunda, Shorris instantly signaled that the administration’s strategy may mark a break from a few of the company’s previous work.
“There are projects in that history that I think today we wouldn’t do,” Shorris mentioned, including that others could be dealt with in a different way.
Shorris didn’t establish which previous tasks he had in thoughts or identify any present tasks that might be modified. He additionally defended EDC’s broader document, describing it as a “mixed portfolio” that has helped create jobs throughout town.
“The direction, the vision is going to be the mayor’s vision, and my guess is that may change some of the direction of EDC,” Shorris mentioned.
Anthony Shorris, a McKinsey & Co. companion and former first deputy mayor, speaks after being named president and CEO of NYCEDCPhoto by Lloyd Mitchell
Mamdani described the EDC because the “Swiss Army knife of city government,” calling it one of many metropolis’s most nimble entities and noting that it additionally operates the NYC Ferry system. The company additionally makes use of city-owned land, financing and funding to hold out growth tasks.
The clearest early instance of that shift is Mamdani’s plan to ascertain 5 city-run grocery shops, one in every borough. Shorris known as implementing the proposal “a top priority” and mentioned work was underway on the remaining three shops after the administration chosen its first two websites.
The Mamdani administration has chosen two websites, in East Harlem and the South Bronx, and opened a portal for property homeowners to suggest places within the different three boroughs.
“Commitments that mayors make to the people are some of the highest priorities of anything the government does,” Shorris mentioned. “Given that that was front and center in the minds of a million people, I take that pretty seriously.”
The administration introduced no new places, prices, or timelines for the shops on Wednesday.
Mamdani mentioned EDC employees had already accomplished an “intensive amount of preparation” for the grocery initiative earlier than Shorris’ arrival, describing the plan for example of what the company may accomplish when its capability is directed towards the issues dealing with working New Yorkers.
The appointments additionally symbolize an effort to steadiness Mamdani’s progressive financial agenda with the necessity to preserve relationships with companies, builders, and employers that frequently work with EDC.
Shorris mentioned he doesn’t view enterprise leaders as everlasting allies or adversaries and would search areas the place the administration’s priorities overlap with firms’ objectives of rising and using individuals.
These aims aren’t inherently in battle, he mentioned, however bringing them collectively would require “work,” “understanding on both sides,” and “mutual respect.”
Lina Khan, the previous chair of the Federal Commerce Fee, after being named chair of the NYCEDC boardPhoto by Lloyd Mitchell
Khan equally burdened that New York’s enterprise neighborhood extends nicely past town’s largest firms.
“The business community in New York City is vast,” Khan mentioned. “It spans the independent pharmacists to the Fortune 500 company to the scrappy startup seeking investment to the bodega.”
Khan mentioned EDC may use its property to develop the economic system, create jobs, promote entrepreneurship and decrease prices. She highlighted the company’s administration of Hunts Level, which she described because the nation’s largest meals distribution middle, in addition to its management of a few of the metropolis’s most beneficial land.
“It has enormous capacity to make life materially better for New Yorkers and to ensure that public resources are being used to build state capacity,” Khan mentioned.
Mamdani known as the pairing the financial coverage equal of the 1992 Olympic basketball “Dream Team,” arguing that Shorris’ expertise working massive public establishments and Khan’s document difficult monopolies would complement each other.
Picture by Lloyd Mitchell
Requested later concerning the obvious distinction between the 2 appointees, Mamdani mentioned they share a dedication to measuring town’s financial power by whether or not progress advantages New Yorkers who’re being priced out.
“What you’ll actually find is that both Lina and Tony, their worldviews are aligned in looking to uplift working New Yorkers across the city,” Mamdani mentioned.
The pairing nonetheless underscores the political steadiness the administration is trying to strike.
Shorris has spent greater than 40 years working throughout authorities, nonprofit establishments and the non-public sector. He served as first deputy mayor underneath Mayor Invoice de Blasio, government director of the Port Authority of New York and New Jersey, metropolis finance commissioner and a deputy chancellor on the Division of Training.
He’s at present a companion at McKinsey, the consulting agency whose work for town has drawn scrutiny from the Mamdani administration.
Requested about Mamdani’s resolution to rent a McKinsey companion after touting the cancellation of a Division of Social Companies contract with the agency for example of rooting out authorities waste throughout finances season, Shorris acknowledged that he had spent a while engaged on that contract.
Mamdani initially joked that “it does save money when you take the top talent from McKinsey instead of having to employ them for a contract.”
Mamdani mentioned Shorris’ expertise included recognizing the advantages of bringing work in-house and constructing public capability, arguing that his years in authorities had not diminished his ambitions for what it may accomplish. Mamdani can be trying to convey extra expertise work in-house by the Public Curiosity Know-how Crews, which he launched earlier this month. Some 2,800 individuals have utilized for 30 everlasting positions thus far.
Shorris mentioned most of his work at McKinsey concerned governments, nonprofit organizations, and professional bono tasks.
Khan chaired the FTC from June 2021 till January 2025, overseeing federal antitrust and shopper safety enforcement. Her initiatives included difficult noncompete agreements and company practices the company mentioned harmed staff, customers and smaller companies. She is now an affiliate professor at Columbia Legislation Faculty.
Khan additionally co-chaired Mamdani’s transition after his 2025 election, serving to advise the incoming mayor as he assembled his administration. On the time, she pointed to what she described because the “discipline, rigor” and expertise of his marketing campaign as proof that he may successfully govern.
Deputy Mayor for Financial Justice Julie Su at Metropolis Corridor on Wednesday, July 22, 2026.Picture by Lloyd Mitchell
Deputy Mayor for Financial Justice Julie Su supplied the administration’s most pointed description of the way it intends to alter EDC’s priorities.
Su described the company as town’s “toolbox,” noting that it holds deeds to public property and influences what’s constructed and financed in neighborhoods.
“A toolbox like that can build a city that works for the people who live in it, or it can build monuments to whoever’s holding the best-connected business card,” Su mentioned. “The tools don’t decide that; the person holding the tools does.”
Su mentioned the administration needs EDC to make use of these powers to construct reasonably priced housing, create jobs that help households, strengthen industries, broaden possession and ship grocery shops and different public items.
Shorris additionally mentioned he personally helps elevating New York’s minimal wage, which he described as too low, however burdened that EDC wouldn’t lead the administration’s lobbying over wage or tax coverage.
“How, when, under what circumstances, at what pace — all TBD,” Shorris mentioned, noting that the minimal wage is finally set by the state. He mentioned he could be obtainable if Metropolis Corridor known as on him to advocate on the problem.
The administration didn’t current a complete new EDC agenda Wednesday or establish tasks that will likely be canceled or reconsidered. Shorris mentioned he nonetheless had important planning on doing with Su and Khan.
However he mentioned the company’s work could be anchored in making New York extra reasonably priced, lowering dwelling prices and rising residents’ capability to pay for the lives they deserve whereas persevering with to draw prime expertise and innovation.
The administration additionally reappointed Clare Newman as president and CEO of the Belief for Governors Island and Lindsay Greene as president and CEO of the Brooklyn Navy Yard Growth Company.
Combined message?
State Lawyer Common Letitia James praised each appointments, saying Shorris and Khan introduced years of expertise and that she trusted town would proceed to thrive underneath their management.
Metropolis Council Speaker Julie Menin highlighted her earlier work with Shorris throughout Decrease Manhattan’s restoration after the Sept. 11 assaults, when he served on the Port Authority.
“I know he’ll bring tremendous experience to EDC at a time when strong economic development has never been more important to creating jobs and growing our economy,” Menin mentioned.
In the meantime, Jessica Walker, president and CEO of the Manhattan Chamber of Commerce, welcomed Shorris’ expertise however mentioned the brand new management could be judged on whether or not EDC produces a reputable plan for financial progress and diversification.
“This moment asks for more than steady management,” Walker mentioned. “It asks for vision: a real plan to diversify our economy, to defend New York as the place where companies choose to grow and hire, and to make job creation the everyday measure of whether EDC is succeeding.”
Walker pointed to persistent storefront vacancies, an uneven restoration in Decrease Manhattan and what she described as an economic system overly depending on a small variety of sectors.
“The question business owners are asking is a fair one — does the city have a plan to grow?” she mentioned. “EDC is where that answer gets written.”
The Partnership for New York Metropolis, one of many metropolis’s most influential enterprise teams, praised Shorris’ expertise however mentioned Khan’s appointment despatched a “mixed message” to employers and traders.
“Lina Khan’s reputation has been built on an adversarial approach to large enterprises at the federal level, whereas NYCEDC’s mission has always been to support the growth and investment in NYC,” Partnership President and CEO Steven Fulop mentioned. “It’s unclear to us the ultimate direction EDC will be taking and how this will play out over time.”
Fulop mentioned town wants a transparent financial agenda because it confronts affordability pressures, outmigration and rising competitors from different cities and states.
