City reaches deal to buy CitiStorage site for $160M

Wiliamsburg waterfront lot to become public park

New York /
Nov.November 22, 2016 11:50 AM

After years of trying, City Hall finally reached a deal Monday to buy the former CitiStorage site on the Williamsburg waterfront from developer Norman Brodsky for $160 million.

The de Blasio administration had bid $100 million in June with plans to turn it into a public park, but Brodsky rejected the offer. “Good start but they need to get to fair value,” he told DNAinfo at the time.  Instead, he hired Cushman & Wakefield’s TRData LogoTINY Paul Massey to sell the 11-acre site to a developer.

It wasn’t immediately clear if any talks with potential buyers were held. Massey did not immediately respond to a request for comment.

The Bloomberg administration designated the site at 11 North 5th Street as a public park over a decade ago, and its successor de Blasio has faced local pressure to follow up on the plan.

In January 2015, a fire destroyed one of two records-storage warehouses occupying the site. Shortly after, Brodsky announced plans to sell the site for as much as $500 million.

In August, community advocates called on the city to seize the site through eminent domain.

In a Tuesday statement, de Blasio lauded the deal as a success for his administration.

“When we commit to build a new park or a new school in a growing community, we deliver,” he said. “We look forward to working with local officials, activists and residents as we design and build a Bushwick Inlet Park we can all be proud of.” — Konrad Putzier


Related Articles

arrow_forward_ios
Interactive Map of Projects Planned Under Gowanus Rezoning
Here they come: Map shows projects planned in rezoned Gowanus
Here they come: Map shows projects planned in rezoned Gowanus
City Council greenlights Gowanus, Blood Center rezonings
City Council greenlights Gowanus, Blood Center rezonings
City Council greenlights Gowanus, Blood Center rezonings
Mayor Bill de Blasio, Hotel Trades Council's Rich Maroko and Council member Rafael Salamanca (Getty, iStock)
Hotel development blocker now one step from de Blasio’s desk
Hotel development blocker now one step from de Blasio’s desk
New buildings may have to go electric as gas ban gains momentum
New buildings may have to go electric as gas ban gains momentum
New buildings may have to go electric as gas ban gains momentum
Check, please! Locals demand city undo outdoor dining
Check, please! Locals demand city undo outdoor dining
Check, please! Locals demand city undo outdoor dining
Court reverses NYC law protecting non-paying businesses
Court reverses NYC law protecting non-paying businesses
Court reverses NYC law protecting non-paying businesses
Vornado’s Roth reportedly batted down de Blasio’s plans for Fifth Ave. busway
Vornado’s Roth reportedly batted down de Blasio’s plans for Fifth Ave. busway
Vornado’s Roth reportedly batted down de Blasio’s plans for Fifth Ave. busway
Attorney General Letitia James and Mayor Bill de Blasio (Getty)
Tish James, Council ask mayor to delay lien sale that he just OK’d
Tish James, Council ask mayor to delay lien sale that he just OK’d
arrow_forward_ios

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

Loading...