Stephen Lee of Bloomberg reports that New York City will take control of 120 acres from Brooklyn Bridge Park to Red Hook to develop a neighborhood around a modernized port. He writes:
New York City will take control of 120 acres of Brooklyn’s coastline, intending to develop a rugged patch of land into housing, retail, green space, and a modern, environmentally friendly port.
The no-cash deal, which will be announced Tuesday, represents the city government’s biggest real estate transaction in terms of physical size in at least two decades. The redevelopment zone stretches more than a mile, from the southern edge of Brooklyn Bridge Park down to the Red Hook neighborhood, and in some places a block inland. Most of that land is currently controlled by the Port Authority of New York and New Jersey. […]
The footprint for New York City’s planned redevelopment.Courtesy of New York City Economic Development Corporation
“For 20 years, skeptics thought this deal couldn’t get done, but our administration prioritized the ‘Harbor of the Future,’ and now we have the potential to create thousands of new jobs, generate billions in economic impact, and create a neighborhood on our shoreline that truly displays the promise of New York City,” Adams said in a statement.
Hochul said the announcement “marks the next great chapter for Brooklyn’s storied waterfront” that will “begin the long-anticipated process of reimagining the Red Hook piers as a modern maritime facility.”
