The mayor’s office announced that the 12-year promise to complete Bushwick Inlet Park, made initially by former mayor Bloomberg, will finally be fulfilled. The land, costing the city $160 million, was purchased from developer Norman Brodsky who would not give it up until he got a “good” price for it (he was initially offered $100 million back in June according to Brooklyn Patch). Brodsky bought the property for $5 million back in the 1990s.
Sean Kelly, a managing director at CPEX Real Estate, believes that 100 million for the land would have been a complete steal stating, “This is one of the last great assets in arguably the most dynamic market in the country outside of Manhattan.”
The addition of the 11-acre lot, which is currently the remains of a CitiStorage, will complete the 28-acre park overlooking the East River in Williamsburg—and people are really, really happy about the additional communal outdoor space. Brooklyn Community Board 1 (Williamsburg/Greenpoint) Chair Dealice Fuller stated in a press release, “On a per capita basis, Brooklyn Community Board 1 has one of the city’s lowest ratios of open space”. She further adds:
Since the 2005 rezoning our community has added tens of thousands of new residents, but the creation of new open space has not kept pace with the influx of new people. We are highly pleased that the Administration finally lived up to its promises and acquired the parcels that comprised the CitiStorage site. With the NYC Parks now leading the charge, we can begin moving forward to make this park a true reality.
The CitiStorage was pillaged by a 7-alarm fire back in 2015 and Brodsky had been asking for up to $250 million for the land since. Now that the land has been acquired by the city, only time can tell how long it will actually take to get the park completed. For now, an evaluation and remediation process of the land, along with a slew of environmental tests, will occur at the site before construction can begin.
— Bill de Blasio (@NYCMayor) April 19, 2017