The Real Deal New York

Pier 6 necessary to sustain Brooklyn Bridge Park, report says

Corporation that runs the park commissioned the study

July 30, 2015 10:15AM

Rendering of Pier 6 development (credit: ODA Architecture)

Rendering of Pier 6 development (credit: ODA Architecture)

A report released today attempts to show that the development of two towers at Pier 6 in Brooklyn Bridge Park is necessary for the park’s financial future.

Commissioned by the Brooklyn Bridge Park Corporation, the public benefit corporation that runs the park, and completed by Barbara Denham, former chief economist at Eastern Consolidated, the 35-page report concludes that without revenues from the Pier 6 development, the park would be operating at a deficit.

The proposed towers, which would rise 29 and 14 stories and contain 340 apartments between them, would generate an estimated $118 million in upfront and recurring revenue, according to Crain’s. Proponents of the towers say that this revenue is needed to maintain the park and make necessary repairs. The park receives no city or state subsidies, and is funded entirely by revenues from in-park developments.

According to the report, in 11 different projected scenarios, the park would continue to operate at a deficit, potentially in hundreds of millions of dollars, without the new development.

Pier 6 opponents say that the park is already making enough revenue from other developments including Pierhouse and Empire Stores.

The report was released on Thursday to coincide with a public hearing on proposed changes that would allow Pier 6 to move forward. Debate has also been swirling over the inclusion of affordable units in the development. [Crain’s] — Tess Hofmann