BK-Queens streetcar plan sows worries among manufacturers

City intends to raise property values for revenue to fund $2.5B project

New York /
Feb.February 17, 2016 01:30 PM

Manufacturer holdouts along the Brooklyn and Queens waterfront are concerned about a property tax hike, and ultimately displacement, if Mayor Bill de Blasio’s planned 16-mile streetcar line to connect the two boroughs becomes a reality.

At an estimated cost of $2.5 billion, the city is looking to fund the project with increased tax revenue by raising property values — and that has some worried.

“I’m concerned about the impacts on the adjacent real estate and our ability to keep manufacturing land for high-quality, working-class jobs,” Leah Archibald, of Evergreen Exchange, manager of north Brooklyn’s industrial business zone, told Crain’s.

As residential use is more lucrative than manufacturing and commercial, many manufacturers have resisted the temptation to sell their highly-valuable real estate to developers for apartment towers or office space.

De Blasio jumped on the Brooklyn-Queens streetcar idea and announced the project last month. The aboveground route from Sunset to Astoria would increase transportation to areas that have seen rapid growth, such as the Brooklyn Navy Yard, and has the backing of several developers.

Nonprofit Friends of the Brooklyn Queens Connector, which has been a proponent of the plan, recently commissioned a study that expected an estimated 15.8 million passengers would use the streetcar line annually by 2035. [Crain’s]Dusica Sue Malesevic


Related Articles

arrow_forward_ios
Mayor Steven Fulop (Mayor Steven Fulop)
Jersey City needs developers to make its inclusionary housing work
Jersey City needs developers to make its inclusionary housing work
Mayor Bill de Blasio (Getty, iStock)
De Blasio’s post-mayoral home has been a 4-star Brooklyn hotel
De Blasio’s post-mayoral home has been a 4-star Brooklyn hotel
Can the world’s most famous skyline also be the most forward-thinking on climate?
Can the world’s most famous skyline also be the most forward-thinking on climate?
Can the world’s most famous skyline also be the most forward-thinking on climate?
Mayor Eric Adams and Bill de Blasio (Getty)
3 things you missed while cheering de Blasio’s departure
3 things you missed while cheering de Blasio’s departure
Photo via NYCEDC
NYC floats $5B coastline extension in Lower Manhattan climate plan
NYC floats $5B coastline extension in Lower Manhattan climate plan
Mayor’s Office of Climate and Sustainability director Ben Furnas and The Real Deal's Hiten Samtani (Ben Furnas)
Exit interview: New York’s climate chief on reshaping the city
Exit interview: New York’s climate chief on reshaping the city
From left: Gov. Kathy Hochul, Mayor Bill de Blasio, Public Advocate Jumaane Williams, and Rep. Lee Zeldin
Here’s where the top contenders for NY governor stand on real estate
Here’s where the top contenders for NY governor stand on real estate
Council members Margaret Chin and Carlina Rivera (Getty, iStock)
City Council tweaks Soho rezoning, assuring its passage
City Council tweaks Soho rezoning, assuring its passage
arrow_forward_ios

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

Loading...