Port Authority should unload Brooklyn marine terminals: report

Watchdog group CBC recommends that a resi developer acquire sites

New York /
Jan.January 13, 2015 01:29 PM

The Port Authority of New York & New Jersey should sell the Red Hook Container Terminal and the Brooklyn-Port Authority Marine Terminal to a residential developer, in an effort to halt further losses, according to a report from watchdog group the Citizens Budget Commission.

Annual deficits at the marine terminals are expected to hit $107 million in 15 years, the report said. The Brooklyn-Port Authority Marine Terminal in Cobble Hill lost more than $205,000 per acre last year, while the Red Hook Container Terminal lost nearly $185,000 per acre. Closing the terminals would net the Port Authority yearly savings of $29 million by 2029, the commission said.

The CBC recommended that the ports be redeveloped as housing. The median sale price of single-family homes, condominiums and co-ops nearly hit a record last year, at $590,000.

“The Port Authority’s maritime facilities have a long history of running deficits and no prospect of making money in the near future,” Carol Kellerman of the CBC said in a statement provided to Bloomberg News. “Greater efficiencies must, therefore, be explored.” [Bloomberg News]Mark Maurer


Related Articles

arrow_forward_ios
TRD's Erik Enguist and Port Authority's Rick Cotton

Port Authority, out $3B, has waterfront land to sell

Port Authority, out $3B, has waterfront land to sell
TRD's Erik Enguist and Port Authority's Rick Cotton

Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday

Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)

“Worst place on earth” may be buried underground

“Worst place on earth” may be buried underground
Anna Wintour of Condé Nast, One World Trade Center and Douglas Durst (Wintour by Dia Dipasupil/Getty Images; 1WTC via iStock; Durst by Patrick McMullan via Getty Images)

Condé Nast wants out at 1WTC. Durst may not be OK with that

Condé Nast wants out at 1WTC. Durst may not be OK with that
From left: Port Authority Bus Terminal, Grand Central and Penn Station (Wikipedia, Pixabay, CDC)

TRD Insights: Focus may shift to Manhattan’s 3 transport hubs in post-Covid office market

TRD Insights: Focus may shift to Manhattan’s 3 transport hubs in post-Covid office market
Rick Cotton, Executive Director of The Port Authority of New York and New Jersey, and a photo of a mostly empty John F. Kennedy Airport pictured on April 16, 2020 (Credit: Astrid Stawiarz/Getty Images, Spencer Platt/Getty Images)

Major NY and NJ infrastructure projects in jeopardy

Major NY and NJ infrastructure projects in jeopardy
Rep. Alexandria Ocasio-Cortez, Governor Andrew Cuomo (inset) and a rendering of LaGuardia's AirTrain (Credit: Getty Images, ANewLGA)

AOC joins in fight against Cuomo’s $2B LaGuardia AirTrain project

AOC joins in fight against Cuomo’s $2B LaGuardia AirTrain project
Cushman & Wakefield CEO Brett White and the Oculus (Credit: Cushman & Wakefield and Unsplash)

Cushman’s management contract at Oculus extended despite woes

Cushman’s management contract at Oculus extended despite woes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...