Despite some flirtation with the idea of moving to New Jersey, the Hunts Point Terminal Produce Cooperative -- the world's largest wholesale food distribution center -- has extended its lease in the Bronx.
According to a statement issued by Mayor Bloomberg, the market will remain in its current location for at least the next three years.
In addition, the city will work with the co-op over the next several months on a plan to create a larger, more modernized market to be built in the Bronx.
Stephen Katzman, co-president of the co-op, said he was happy to have reached the deal with the city.
"This interim agreement will allow us the necessary time to negotiate the best financial deal to secure a long-term home," he said in a statement.
Mayor Bloomberg shared Katzman's excitement.
"We're more optimistic today than ever that it will thrive there for many more years to come," said Bloomberg, of the co-op in his statement.