De Blasio’s Sunnyside Yards proposal would cost $16B-$19B: NYC EDC

Roughly 85% of the 180-acre site could be developed, study claims

New York /
Feb.February 06, 2017 04:20 PM

Mayor Bill de Blasio’s proposal to deck and develop Sunnyside Yards in Queens could feasibly cover 85 percent of the 180-acre site at a cost ranging from $16 billion to $19 billion, according to a new study published by the New York City Economic Development Corporation.

When the mayor pitched the idea to develop the sprawling rail yard during his second State of the City address in early 2015, critics said it would be too costly to make affordable housing work.

Among the naysayers was Gov. Andrew Cuomo, who floated the idea of building a convention center on the site before later committing to overhaul the Jacob K. Javits Convention Center.

Now de Blasio has a study backing up his grand idea, albeit one from a friendly agency, the EDC, Crain’s reported.

“Sunnyside Yard represents one of our greatest opportunities to invest in the affordable housing, good jobs, open space and public transit western Queens needs,” deputy mayor for housing and economic development Alicia Glen, said in a statement released with the report.

The proposal to develop the rail yard does come with complications that go beyond engineering.

The Metropolitan Transportation Authority, Amtrak and New Jersey Transit – none of which is controlled by the city – all use the sprawling rail yard. The EDC study considered three development scenarios. The first would be predominantly residential with up to 24,000 apartments. The second would be a combination of residential, commercial and retail space. The third scenario would have no commercial space, but would include space for cultural or retail tenants that would be attractive to city residents.

It’s unclear, though, what impact the study will have on the mayor’s proposal moving forward. De Blasio is sure to face opposition from local Queens residents who oppose development. [Crain’s]Rich Bockmann


Related Articles

arrow_forward_ios
(Getty Images)
LA developer doubled as abusive porn director, documentary alleges
LA developer doubled as abusive porn director, documentary alleges
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
(Getty Images)
Millions of housing units are needed in the US
Millions of housing units are needed in the US
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
arrow_forward_ios

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

Loading...