The Real Deal New York

De Blasio set to inject $384M into city-owned buildings

$95M will be spent on work at 345 Adams Street in DoBro
January 25, 2017 09:45AM

345 Adams Street and Bill de Blasio

Mayor Bill de Blasio set aside $384 million out of his 10-year capital budget for upgrading and renovating city-owned office buildings.

Buildings in the outer boroughs will receive most of the cash, according to de Blasio’s preliminary capital plan, the Commercial Observer reported. The upgrades are part of the mayor’s proposed $89.4 billion capital budget, which will begin in July 1 this year and run to June 30 2027. The capital budget increased from $83.8 billion two years ago.

Most of the money is going towards infrastructure spending, such as the office building upgrades, as well as creating more space in the city’s schools.

The city’s office building at 345 Adams Street will receive $94.5 million for renovations, according to the publication. De Blasio is also seeking $39.1 million for work at the Brooklyn Municipal Building at 210 Joralemon Street, $16.7 million for the David Dinkins Manhattan Municipal Building at 1 Center Street in the Financial District, $8.7 million for projects at Queens Borough Hall and $3.5 million for the Bergen Building at 1932 Arthur Avenue in the Bronx.

The city is a part owner of 253 Broadway in Lower Manhattan, and the budget calls for $18.5 million in improvements there. Another $13 million is being sought to build a new computerized testing and applications center in the Bronx at 2556 Bainbridge Avenue.

The mayor said he is pushing for infrastructure investment because of an environment of “uncertainty” caused by President Donald Trump and a Republican-controlled Congress.

The City of New York owns 917 properties across 184 million square feet, according a ranking of non-traditional landlords by the publication, citing CoStar data.

City agencies operate in 14,000 properties across the five boroughs, but around 20 percent of the city-controlled space is not being used, according to a November study from the Municipal Art Society of New York.  [CO]Miriam Hall