The people who work at NYCEDC are passionate about NYC, committed to building a sustainable and inclusive economic future for the city, and excited to help bring our business programs, infrastructure projects, groundbreaking studies, and more to fruition.
There's no such thing as a typical NYCEDCer. We're experts in everything from urban planning to real estate to marketing and public relations, and everything in between. Learn more about the individuals who move NYCEDC—and the city—forward.
President & CEO
Rachel Loeb is President of New York City Economic Development Corporation, where she oversees NYCEDC’s portfolio of projects focused on life sciences, land use, investments in infrastructure, and innovation. Prior to her appointment as President in 2021, Rachel served as Acting President, and Chief Operating Officer since 2018, overseeing and directing NYCEDC’s strategic priorities for real estate, asset management, and neighborhood planning. Highlights of her work to date include doubling the City’s investment to grow the life sciences industry to $1B and leading the City’s $200M 15-year Offshore Wind Plan to make NYC a global leader of this industry.
Rachel also has been instrumental in supporting NYCEDC’s work to respond to the COVID-19 pandemic and plan for the city’s economic recovery.
Prior to joining NYCEDC, Rachel was a senior executive member of World Wide Group, overseeing all aspects and phases of the development process. Before joining WWG, Rachel was a Senior Director of Development for AvalonBay, where she was responsible for the development of over 1,400 apartments. Rachel began her career in Ho Chi Minh City, Vietnam, where she worked on the Saigon South development, an 8,000-acre new town community.
Rachel is a graduate of Northwestern University and the Massachusetts Institute of Technology, where she earned a master's in city planning. She lives in Brooklyn with her husband and two sons.
Executive Vice President and Chief Financial Officer
Fred D’Ascoli was hired as NYCEDC’s Controller in 2015. Prior to joining NYCEDC, Fred was the Controller and Deputy Chief Financial Officer at the New Jersey Transit Corporation. He has held positions as Assistant Treasurer, Budget Director, and Senior Director of Finance. He has experience in all areas of finance and he also has worked with NYCEDC's Human Resources, Management Information Systems, and Procurement teams and held a CPA certificate.
Executive Vice President, External Affairs
Lydia Downing is NYCEDC’s Executive Vice President for External Affairs, where she oversees the Public Affairs, Marketing, and Government & Community Relations departments. Leading up to this role, she served as NYCEDC’s interim Chief of Staff in the spring and summer of 2020. Lydia joined NYCEDC in 2012 in the Government and Community Relations department and went on to lead the team as Senior Vice President from 2017 to 2020, during which, she managed multiple land-use approval processes and oversaw the development of an equity-focused engagement framework. Prior to joining NYCEDC, Lydia spent several years at the NYC Department of Consumer Affairs and the NYC Commission on Human Rights. She is an alumna of the Colorado College, the NYC Urban Fellows Program, and NYU Wagner’s Fellowship for Emerging Leaders in Public Service. Lydia lives in Brooklyn with her husband.
Lindsay S. Greene
Executive Vice President and Chief Strategy Officer
Lindsay serves as Chief Strategy Officer of NYCEDC, where she guides corporate strategy and oversees economic analysis, business development, inclusive job growth, and innovation strategies. Prior to joining NYCEDC, Lindsay Greene was Chief Strategy Officer for Economic Development & Housing in the New York City Mayor’s office, focusing on industry and job growth strategies, inclusive economic development and creating constructive regulatory systems (e.g., new industries like legal cannabis or certain tech fields). Prior to working for the City, she spent four years in senior management at food startups and six years in banking and private equity at Goldman Sachs. Lindsay holds a BA in economics from Harvard and an MBA from Yale School of Management. Outside of work, Lindsay also advises early-stage CPG and regulated-tech companies, mentors young women of color, and enjoys cooking and movies. She lives in Brooklyn with her wife and daughter.
Executive Vice President and Director of Project Implementation
Josh Kraus is the Director of Project Implementation at NYCEDC, where he works across divisions to ensure successful delivery of the corporation’s highest-priority capital and planning projects. Prior to Joining NYCEDC in April 2021, Josh served as Director of the New York City Mayor’s Office of Capital Project Development. There, since 2013, he managed complex, multi-stakeholder capital and planning projects across the five boroughs, from Pre-K sites and post-Sandy rebuilding to cultural institutions, parks, public plazas, and COVID care facilities. Josh also coordinated the City’s engagement on planning for regional infrastructure projects, such as the Gateway project, Moynihan and Penn Stations, and Port Authority Bus Terminal—a role he now continues to play at NYCEDC. Josh previously spent seven years in the Lower Manhattan Borough Commissioner’s Office of the NYC Department of Transportation, where he supported the rebuilding of the World Trade Center site as well as reconstructing streets and utilities across Lower Manhattan following the 9/11 attacks. Josh holds a master’s in urban planning from McGill University and a bachelor’s in social geography and urban development from Boston University. He lives in the Bronx with his wife and three children.
Executive Vice President and Deputy Chief Financial Officer
Elizabeth Verostek serves as the Deputy Chief Financial Officer. She oversees the Funding Agreements, Compliance, and Corporate Services departments. She also manages special projects for the CFO Division. Elizabeth joined NYCEDC in 2012 as the Budget Director. She led the City and grant components of NYCEDC’s budget; the Financial, Planning, and Analysis Team; and Funding Agreements. Prior to joining NYCEDC, Elizabeth worked for the NYC Office of Management and Budget and the NYC Department of Education. Her career started in Amman, Jordan, working with refugees with the UNHCR. She earned a BA and BS from the College of Charleston, a language certificate from the University of Jordan, and her master’s at the George Washington University. She lives in Manhattan with her husband and daughter.
Elizabeth T. Arnaiz, AIA
Executive Vice President, Capital Division
Elizabeth leads a multidisciplinary team, composed of engineers, architects, landscape architects, and technical project support staff, to deliver on a diverse portfolio of over 100 projects, representing nearly $6 billion in construction costs. The work implemented by the division provides critical citywide improvements, with particular focus on infrastructure, resiliency, open space, and civic projects. The team works closely with other City agencies to align on project goals, delivering projects to improve the quality of life for all New Yorkers. As a registered architect, Elizabeth brings expertise to design, construction and the built environment. During her time at NYCEDC, Elizabeth has led the planning and building improvements for Health + Hospital’s billion dollar resiliency program, the reconstruction efforts for Orchard Beach, design and coordination for NYCEDC’s headquarters, and other critical projects across CAP’s portfolio. Before joining NYCEDC, Elizabeth worked at the architecture firm Ennead Architects, focusing on healthcare and resiliency in New York City. She is a graduate of Williams College and Columbia GSAPP, where she earned a masters of architecture. She lives in Brooklyn with her family.
Executive Vice President and Treasurer, Finance Group
Spencer oversees NYCEDC’s Finance Division, which includes the Accounting, Budget, and Grants Management departments. Previously, he assisted in managing NYCEDC’s Internal Audit group for many years. He is a life-long resident of Queens, NY and received his bachelor’s degree in accounting from CUNY at York College in Jamaica, Queens. He is a certified public accountant as well as a certified internal auditor. Before joining NYCEDC, Spencer spent several years conducting audits throughout the east coast for a hotel and restaurant employee’s union trust fund.
Meredith J. Jones
Executive Vice President and General Counsel
Before joining NYCEDC, Meredith worked at corporate law firms and as counsel to a multi-national engineering and construction company. She also served as general counsel for the National Oceanic and Atmospheric Administration and as Chief of the Cable Services Bureau of the Federal Communications Commission. She is a graduate of Swarthmore College and received her Juris Doctor from Yale Law School.
Executive Vice President, Planning Division
Cecilia Kushner is the Executive Vice President for the Planning Division at NYCEDC where she leads large multidisciplinary teams to deliver on some of the most complex urban planning and development projects in New York City. As part of her role, Cecilia oversees $1 billion of active projects geared toward delivering infrastructure and amenities and improving quality of life for New Yorkers across the five boroughs. Prior to NYCEDC, Cecilia served in various senior roles at the NYC Department of City Planning, where she led efforts in Coney Island and formulated some of the first resiliency land use policies for the New York City coastline. Prior to DCP, Cecilia lived in London and Paris, where she worked as an urban planner for English Heritage and the City of Paris. Cecilia received her bachelor’s degree from La Sorbonne and holds a master’s degree in Historic Preservation from The Bartlett School of Planning at University College London, and a master’s degree in city planning from Hunter College, where she has taught planning as an adjunct. She lives in Brooklyn with her husband and two children.
Executive Vice President, Real Estate Transaction Services
Hester oversees NYCEDC’s Real Estate Transaction Services department, leading the organization’s public-private partnerships involving City-owned property to support the growth of quality jobs, promote livable and affordable communities, and facilitate redevelopment projects that drive inclusive growth and positive return to the city. Prior to NYCEDC, Hester did real estate acquisitions and eventually went on to head the Debt Capital Markets team in J.P. Morgan’s Real Estate Asset Management division. Hester holds a master’s in real estate finance from New York University and a BA in economics and architectural history from the University of Virginia.
Executive Vice President, Asset Management
As Executive Vice President of the Asset Management division, Vaughn leads NYCEDC’s Portfolio Management, Property Operations, Design & Construction, and Business Operations departments, which manage the division’s 65 million-square-foot portfolio. Vaughn has been with NYCEDC since 2018, all with the Asset Management (AM) division, where he previously led the Business Operations department. There he managed the division’s rent relief program, oversaw the Asset Management budget and reforecast processes, and instituted a number of new policies and processes across the division to tighten financial oversight.
Before joining NYCEDC, Vaughn held asset management positions with the Related Companies and Starwood Hotels & Resorts. Additionally, he has held public sector positions with the City University of New York and the New York State Division of the Budget. He holds bachelor's degrees in management and economics from Rensselaer Polytechnic Institute and a master’s degree in real estate from New York University.
Executive Vice President, Internal Audit
Jennie Wallace oversees the Internal Audit function for NYCEDC. Jennie is a seasoned audit executive with a passion for the profession and over 20 years of experience partnering with company leadership to assess, manage, and mitigate risk. She started her career with 10 years at PwC, and then held audit and controls leadership roles at glacéau (part of The Coca-Cola Company), OnDeck Capital (FinTech startup, now public), and Horizon Media (largest independently owned media agency). Jennie is an active member and speaker with the NY Institute of Internal Auditors and a member of the Advisory Board at St. John's University's Internal Audit program. She is a Certified Public Accountant (CPA) in the state of NY, a Certified Information Systems Auditor (CISA), and a Chartered Global Management Accountant (CGMA).