It’s nice to get some good news every once in a while! After many years of negotiating with the owner of the land designated for Bushwick Inlet Park, the city has finally purchased the final piece for $160 million dollars. From
The parcel is the last of several block-long stretches of contiguous land the city has spent hundreds of millions of dollars acquiring over seven years to create the park, which was promised by former Mayor Michael Bloomberg. Only one of those parcels has been developed into park space.
“Today is the day we begin turning the full vision of Bushwick Inlet Park into a reality,” Mayor Bill de Blasio said in a statement. “After an extensive negotiation, we have struck a fair agreement to acquire the CitiStorage site. This is an investment in the future of Brooklyn, and in the children, longtime residents and newcomers in this community.”
The deal ends months of tense negotiations between the city and Norman Brodsky, the majority owner of the CitiStorage site, who had originally sought a much higher sum for the property. In a conversation with Crain’s in early 2015 when the city’s residential market was soaring, Brodsky imagined it could be worth $500 million or more.
Now let’s build that park!