Thursday, 7 July 2016

Bushwick Inlet Park Site Hits the Auction Block Despite City Bid

Last month, the city offered the CitiStorage site owner $100 million for the property

In the latest development in the saga around Bushwick Inlet Park, Norman Brodsky, owner of the CitiStorage site needed to create the 28-acre park, has announced that he will be accepting offers for his land, despite the city’s $100 million bid for the 11-acre property, reports the Real Deal.

Just to refresh: Bushwick Inlet Park was promised to the neighborhood residents in exchange for a 2005 rezoning of the waterfront that allowed for residential towers. Over ten years and one devastating fire at the CitiStorage site later, residents of Greenpoint have been pressuring the city to acquire the final piece of land needed to complete the park.

When Brodsky was offered $100 million for his land, he felt the city was lowballing him and shot back, "Good start but they need to get to fair value." Even several real estate experts agreed that the offer was well below the value of the property.

Park advocacy group Friends of Bushwick Inlet Park are urging the city to do whatever it takes to acquire the land and finally get the park built. As for Brodsky, if he decides to have a change of heart, he has until August 8th to accept the city’s offer. If he doesn’t, they may seek to acquire the land through eminent domain proceedings. His public auction will be accepting offers until Wednesday, July 20th at 5:00 p.m.

In the meantime, Friends of Bushwick Inlet Park are organizing a sleep-in on Brodsky’s property and have a petition circulating that urges him to accept the city’s offer. At this point, they just want someone on either side to make a move.



from
http://ny.curbed.com/2016/7/7/12123230/norman-brodsky-lists-site-needed-for-bushwick-park-in-public-auction

No comments:

Post a Comment