Levine tells state to hurry up and approve BK’s Pier 6 project

Developer says two-building resi venture is at “critical juncture,” finances in peril: report

TRD New York /
Mar.March 21, 2016 06:00 PM

Developer Robert Levine of RAL Development Services said the stalled Pier 6 development at Brooklyn Bridge Park is at a “critical juncture” and financing for the project may be in peril if the state doesn’t greenlight it soon.

RAL and its partner, Oliver’s Realty Group, plan to build two residential buildings at Pier 6, one with 92 market-rate condominiums at a 29-story building, and, next door, a 14-story mixed-use rental building with 30 market-rate units and 117 affordable units.

The developers were tapped for the project in June 2015 and paid $106 million to acquire a long-term ground lease for the two parcels, The Real Deal reported.

But the project still needs the state’s go-ahead and Levine sent a two-page letter to city and state officials last week to urge approval, Politico reported.

“Our financial partners have informed me that unless substantial progress in approving changes to Brooklyn Bridge Park’s General Project Plan (GPP) is achieved by April 30, 2016, financing for the project will be jeopardized,” Levine wrote in the letter, which Politico obtained. “I’m writing to enlist your support in moving the project forward toward construction.”

The developers faced community opposition to their original proposal. They agreed to shorten building heights by about 30 feet to be awarded the project by the Brooklyn Bridge Park Corporation, the nonprofit that operates the park. [Politico]Dusica Sue Malesevic 


Related Articles

arrow_forward_ios

These were the top 10 outer borough loans in April

Brooklyn Bridge Park Pier 6 developers land $400M+ in new financing

Judge tosses lawsuit seeking to block development at Pier 6

“We have to learn how to live with water”: Pros talk development in waterfront cities

Suit over BK Bridge Park project to stay in Manhattan

Flush with cash, Brooklyn Bridge Park tussles over development plans

Government Briefs: BlackRock nabs subsidy for Hudson Yards move, Airbnb hashes out a compromise with city … & more

RAL, Oliver’s Realty file plans for pair of Pier 6 resi buildings

arrow_forward_ios