The Real Deal New York

Brooklyn Bridge Park tower foes say green space is overfunded

Park stewards counter that opponents' report contains mistakes, ignores future costs

September 17, 2014 05:40PM

From left: Proposal for Pier 6 towers by Marvel and Pierhouse at Pier 1 rendering

From left: Proposal for Pier 6 towers by Marvel and Pierhouse at Pier 1 rendering

Opponents of two planned residential towers near Brooklyn Bridge Park say the buildings are not needed because revenue growth from existing developments will cover maintenance costs at the waterfront green space.

A report from park staff concluded that recurring revenue would fall more than $1 million short of the greensward’s $12.4 million operating budget, the Wall Street Journal reported. But an analysis of the park’s long-term finances by a local resident found that its income would increase by $4.5 million per year after 2020 due to the expiration of tax abatements and expirations, according to the newspaper.

Brooklyn Bridge Park Corp. president Regina Myer told the Journal that the organization’s long-term planning accounted for the rise in revenue, but said the cost of fixing rotting piers would drain the fund by 2027.

New York City and the state contributed $370 million to create the 85-acre park, but operating costs and repairs must be covered by lease revenue and payments in lieu of taxes, according to the newspaper. [WSJ]Tom DiChristopher

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