The public-private venture between Toll Brothers City Living and the Starwood Capital Group will contribute the funds from the development’s ground-lease fees and property taxes. The massive One Brooklyn Bridge Park condo-conversion already contributes some $2 million annually to the park, which has been its sole source of income since 2010.
“Without this private investment, this park would have never happened,” David Von Spreckelsen, the New York City division president for Toll Brothers, told the New York Times. “That’s what’s so fantastic about this.”
According to Toll Brothers, Pierhouse homeowners will on average contribute $30,000 a year to the 85-acre park in the form of payment in lieu of taxes and ground-lease fees. [NYT] –Christopher Cameron