After 20+ years, New York City's largest real estate transaction in size is about to take place.
The City will now control 120 acres of Brooklyn's coastline, from Brooklyn Bridge Park to Red Hook with a plan to develop this land into housing, retail, green space and a modern, environmentally friendly port.
Most of this land is currently controlled by the Port Authority of New York and New Jersey. Past efforts to redevelop the Brooklyn waterfront have failed.
Red Hook is one of Brooklyn's gems in terms of its history and uniqueness, but it is not connected to public transit and it is isolated and run down.
What will make the difference this time? The difference is according to New York City Deputy Mayor, Maria Torres-Springer “the area will be controlled by one entity – New York City – rather than the City, State and the Port Authority”. Springer also says “New York City Mayor Eric Adams and Governor Kathy Hochul, both have the same goal and vision for this region”.
Part of Mayor Adams agenda is expanded maritime operations fit with “Blue Highways” plan to move more freight using New York waterways rather than its roads.
Step 1 Mayor Adams will secure $65M to fund the planning of this development and to stabilize the deteriorating pier infrastructure at the Brooklyn Marine Terminal. The New York City Economic Development Corporation will manage the Brooklyn project on behalf of the city.
Coastal resiliency will be a central part of the redevelopment plans. The Red Hook area was devastated by Hurricane Sandy and there is already a project underway to shield Red Hook from coastal flooding.
A $2B plan to expand green infrastructure will also contribute to efforts to mitigate flooding, limit combined sewer overflows and improve coastal water quality.
Mayor Adams in a statement said “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”.
Governor Hochul says this announcement “marks the next great chapter to Brooklyn's storied waterfront” that will begin the long anticipated process of reimagining the Red Hook Piers as a modern maritime facility”.
To be continued...
Should you have any questions or needs regarding any Real Estate matter please call us at 718-375-2065 or email us at info@accreg.com . We are here for you to help you in any way we can.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Sincerely yours,
Accord Real Estate Group
Your Brooklyn neighborhoods Realtors
