Con Edison has asked state regulators to approve its plan to sell a property in Brooklyn Bridge Park for $9.2 million, the City Room blog of the New York Times reported.
Con Ed bought the land — 3.4 acres between John Street and the East River — 50 years ago for $250,000 and has invested roughly $600,000 in the property over the years. Half the proceeds of the sale to the Brooklyn Bridge Park Development Corporation will be split among Con Ed’s 3.2 million customers, who will receive $1.40 each.
Park officials are awaiting requests for proposals to build a 13-story mixed-use complex with 130 residential units and retail space on a portion of the land, though concerns about flooding remain, as The Real Deal previously reported. The 147,460-square-foot lot should have a developer by March and is scheduled to be completed by 2016. Recently, the park announced that plans for a velodrome near Pier 5 would be scrapped, amidst financial concerns. [NYT] – Hiten Samtani