How would you feel if you’d been smart enough to buy waterfront property in Williamsburg before Dan Doctoroff knew the difference between Bedford and Broadway only to have your property snatched away from you by the city? Probably something like the two groups of investors who are in the process of getting pushed out by the forces of eminent domain to make way for a possible soccer and softball field. This time around, the city isn’t claiming blight; instead it’s invoking the concept of public good. The land, which is bounded by Kent Avenue, the East River, North 9th Street and North 10th Street in Williamsburg, is just to the north of the recently-opened East River State Park between North 8th and North 9th streets and lies at the southern end of the proposed Bushwick Inlet Park that the city’s had on the drawing boards for the past couple of years; the parcel represents phase 1 of the park project. The grand vision for the park extends north from North 9th Street about six blocks to the far side of the Bushwick Inlet. This is far from a done deal, though, according to The Real Deal, which first reported the ED action: Three land owners in the center of the footprint—TransGas, CitiStorage and the Greenpoint Monitor Museum—aren’t taking the city’s overtures lying down. “[The land] was donated and we are not giving it up,” said Janice Lauletta-Weinmann, president and co-founder of the Greenpoint Monitor Museum, told TRD. “It is a disgrace.” One remaining issue to be resolved in the North 9th Street case is price: Typically the city pays a token amount to the owners upfront and then litigates the final amount. The market value is probably somewhere between $100 and $200 per buildable square foot, according to Massey Knakal. It’ll be interesting to see what the final price is. Do you think this situation merits the use of eminent domain?
City Takes W’burg Waterfront Properties for Park [The Real Deal] GMAP