Is the destruction of a Red Hook graving dock in order to make way for IKEA a very costly mistake for the city? Might be, according to an article in the Post that uses findings from an Economic Development Corporation-commissioned study. The report talks about how important the maritime industry is for our local economy and says the city should construct seven new dry docks by 2016, including three graving docks like the one Ikea paved over in order to build a parking lot. The findings estimate that the New York port will lose between $50 million and $150 million in revenues over the next five years to other ports because it doesn’t have enough dry docks. Some say building a single graving dock comparable to the one Ikea paved over would cost $1 billion, leading John McGettrick, co-chair of the Red Hook Civic Alliance, to call the dock’s destruction a “billion-dollar boondoggle.” What the article doesn’t mention is how much revenue Ikea will bring in for the city and state, though one would think the store is gonna have to sell and reel in taxes on more than a couple Ektorps to clear the $1 bil mark.
Ikea Berth Pangs [NY Post]
Maritime Study [NYCEDC]
Photo of old graving dock by masnyc.