The Real Deal New York

Brooklyn Bridge Park Corp. bashes critics of real estate funding

But People for Green Space Foundation say developments not necessary to pay for upkeep
November 26, 2014 08:30AM

The Brooklyn Bridge Park Corporation has once again insisted that it needs the funding from real estate development to pay for the park’s upkeep. 

Critics of the controversial proposed residential building on Pier 6 on the Brooklyn Heights waterfront  claim that new construction is not needed to pay for the park’s maintenance, according to Crain’s. Current plans envision a 31-story and 15-story tower on the site.

People for Green Space Foundation, a group that opposes the development, argue that the amount of park space should be maximized and development minimized, according to the website. Earlier this month, the group unveiled a plan that offered an alternative financing model.

That plan depends on raising private funds. The foundation claims the park would see an increase in revenue from property taxes it collects .

The park corporation, however, says the report was erroneous.

“We are a not-for-profit, and we don’t borrow money,” Brooklyn Bridge Corp. president Regina Myer reportedly said. “Without this new construction, we would go broke in 10 to 15 years.”

The Brooklyn Bridge Park Corporation maintains the 1.3-mile stretch of waterfront park between the Manhattan Bridge and Atlantic Avenue at the Columbia Street waterfront district. The corporation is in charge of its own maintenance and operations, according to the website, most of which is paid for through real estate developments. [Crain’s] — Claire Moses