Even though the public review process for the redevelopment of Admirals Row has started, The Journal reports that the city has yet to acquire the land in question from the federal government. Negotiations for the property are ongoing, and sources say that in an unusual move, the government is seeking market-rate value for the six-acre site rather than simply transferring it to the city. It’s unclear what the property might be worth: Ofer Cohen of the commercial brokerage TerraCRG tells the paper that there aren’t many recent sales to compare it to. The Brooklyn Navy Yard Development Corp. plans to break ground on the site next year for a mixed-use development that will include a supermarket and, hopefully, the preservation of one or two of the 19th century buildings on the site.
Navy Yard Is Lacking Land Deal [WSJ]
Wheels in Motion for Admirals Row Redevelopment [Brownstoner]
Photo by Barry Yanowitz
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