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
City Planning Commissioner Chair Marisa Lago (Getty, Dept. of City Planning)
Gowanus rezoning gets green light
Gowanus rezoning gets green light
DHS Commissioner Steven Banks. (Getty, Google Maps)
City to open Soho homeless shelter
City to open Soho homeless shelter
For New York landlords, PACE just isn’t moving fast enough
For New York landlords, PACE just isn’t moving fast enough
For New York landlords, PACE just isn’t moving fast enough
Mayor Bill de Blasio and City Hall (Getty, Paul Hermans/Wikimedia)
NYC to city workers: Come back to the office
NYC to city workers: Come back to the office
227 Duffield Street in Brooklyn (Google Maps)
Sale of Underground Railroad site to city caps off “financial disaster”
Sale of Underground Railroad site to city caps off “financial disaster”
NYCHA Chairman Gregory Russ and NYCHA federal monitor Bart Schwartz. (NYCHA Monitor)
NYCHA overhauling management system
NYCHA overhauling management system
Continuum Company founder Ian Bruce Eichner and the former Spice Factory at 960 Franklin Street (Getty, Google Maps)
Eichner’s Crown Heights rezoning delayed once again
Eichner’s Crown Heights rezoning delayed once again
Mayor Bill de Blasio (Getty, iStock)
NYC to revive $17B in public construction projects
NYC to revive $17B in public construction projects
arrow_forward_ios

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

Loading...