The Real Deal New York

City and Norman Brodsky still can’t agree on price for Bushwick Inlet Park land

The city offered to pay $100M for the 11-acre site
July 21, 2016 10:41AM

Map of Bushwick Inlet Park and the CitiStorage site

Map of Bushwick Inlet Park and the CitiStorage fire site

The city still wants to buy an 11-acre site for Bushwick Inlet Park for $100 million, but after an auction ended with an impasse on Wednesday owner Norman Brodsky continues to hold out for a much higher bidder. And if he does sell the Citi Storage site to a private owner and jilt the de Blasio administration, Brodsky has no illusions the city will allow for a rezoning of the assemblage.

City officials have pointed out that Brodsky may have a difficult time fetching a higher price, since the land is zoned for manufacturing construction with a maximum size of 570,000 square feet. Brodsky told Politico that he isn’t concerned.

“The land for sale is as is, and … Williamsburg/Greenpoint is a mecca for office space now, so that’s what you can build there,” he said. “I have no illusions that it’s going to be rezoned.”

Brodsky in April listed the property for $325 million and has rebuffed the city’s lowball offer on multiple occasions.

The city announced in 2005 its plans to build a 28-acre park on the Bushwick Inlet, and it acquired 11 acres through eminent domain in 2007. In March, the city purchased a seven-acre site at 1 North 12th Street from Bayside Fuel Oil Depot for $53 millionbut its attempts to expand to the CitiStorage site have been rebuffed due to the site’s price. Paul Massey of Cushman & Wakefield TRData LogoTINY is marketing the assemblage.  [Politico] — Kathryn Brenzel