Brooklyn Bridge Park in negotiations to buy Con Ed site for waterfront park

August 18, 2011 01:59PM

Brooklyn Bridge Park is considering acquiring a three-acre parcel of
vacant land near the Manhattan Bridge from Con Edison to complete its
plans for an 85-acre waterfront park, the Wall Street Journal
reported. The site, on John Street between Adams and Jay streets, would
have an apartment tower up to 130 feet tall, a tide pool and
additional parkland. Both sides confirmed they are currently in
negotiations but declined to comment further.

The construction of the
entire park is expected to cost $360 million, which would include the
John Street site. It is not clear how the purchase of the new
additional property would be financed or how much Brooklyn Bridge Park
plans on paying.

The city, the Port Authority of New York & New Jersey and private
donors have committed $273 million to build Brooklyn Bridge Park, and Brooklyn Bridge Park
non-profit is looking to raise nearly $90 million to complete the necessary funding. Nearly half of the John Street site, which was always part of the overall plan, is currently under water.

Residents had been
opposed to the construction of the apartment building, which is
supposed to help fund the park’s operations. Brooklyn Bridge Park
intends to issue a request for proposal seeking developers to build
the apartment tower once real estate market improves. The group has already
issued a request for proposal for a hotel with up to 225 rooms and an
180-unit apartment tower by Pier 1, in the Brooklyn Heights section of
the park. This deal comes after an agreement between city and state
regarding the construction of private housing on the site. [WSJ]