Brooklyn Navy Yard’s Admirals Row, the proposed six-acre site of a supermarket, retail and industrial facility, is moving through the city’s approval process, but one vital detail remains unresolved — the purchase of the land from the federal government.
According to the Wall Street Journal, the Brooklyn Navy Yard Development Corporation, which manages the yard, had an arrangement with the feds to buy the land for just $1, but the government in now seeking market rate for the site, which is currently home to run-down historic 19th-century homes for military officers.
The city owns most of the Navy Yard, but Admirals Row belongs to the Army National Guard.
“We are still in negotiations with the city,” said Chris Gardner, a spokesman with the Army Corp of Engineers. “We don’t have any specific end date.” [more]

House approves mortgage reform act: The U.S. House of Representatives approved the Mortgage Reform and
Anti-Predatory Lending Act to protect consumers by curbing abusive
lending practices. The bill will make it illegal for lenders to make
loans for borrowers who do not have a “reasonable ability to repay” the
loan. Included in the legislation are two initiatives from Rep. Nydia
Velazquez to protect residents living in apartment buildings in New
York City and to provide prospective homebuyers with increased access
and information on the benefits of home inspections. TRD
[more]