Brooklyn Bridge Park hits back at community group’s latest attempt to halt development

Brooklyn Heights Association claims the park doesn’t need to build housing to be financially viable

TRD New York /
Mar.March 09, 2017 02:50 PM

Pierhouse at Brooklyn Bridge Park (Credit: Toll Brothers City Living)

The Brooklyn Bridge Park Corporation is accusing a Brooklyn Heights community group of botching numbers and miscalculating data as part of its efforts to stop residential development at Pier 6.

The Brooklyn Heights Association claims building housing on Pier 6 isn’t necessary for the park’s long-term financial viability, Curbed reported. The group argued that preliminary 2018 tax valuations of Brooklyn Bridge Park’s existing housing from the Department of Finance are 30 percent ahead of the city’s projections. It said the park is in line for $300 million in revenue over the next 50 years, so there’s no need to allow RAL Development and Oliver’s Realty Group to build 266 apartments across two buildings at the Pier.

The group made the claims in a letter submitted as part of its ongoing lawsuit to stop the project.

However, the interim president of BBPC told Curbed the numbers the association has used only represent one year of incomplete valuations, and don’t provide enough data to make an accurate 50-year financial plan for the park. He added the park needs the development for the upkeep of the park.

“It would be impossible for us or them to say any one year [of tax valuation data] proves or disproves our model,” Lowin said. “We need to ensure the park is fully funded — that’s the reason we’re doing this development in the first place.”

RAL and Oliver’s buildings would bring 100 affordable apartments to the area. It would be the fifth development at the park.

Brooklyn Heights Association’s lawsuit to block the Pier 6 development is due in court in the coming weeks, according to Curbed. [Curbed]Miriam Hall

(To see a ranking of development in Brooklyn, click here)


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Real estate industry scrambling to understand New York’s LLC law to address anonymous home ownership (Credit: iStock)

Sweeping LLC law surprised even legislators

SoftBank looks to take over WeWork, NYC investigates WeLive: Daily digest

Crowdfunding: Crowded out?

The Real Deal’s E.B. Solomont receives Front Page Award

SoftBank’s problem solver faces his biggest challenge yet: WeWork

arrow_forward_ios