Con Ed and BB Park Strike $9.2M Deal

What’s the value of a little bit of land in Dumbo owned by Con Ed since the 1950s or so? Con Ed bought it for $250,000 back in the day, and now Brooklyn Bridge Park has agreed to buy it for $9.2 million. A small portion of the 3.4 acre site between John Street and the East River will be given over to a residential complex, as previously reported, and the revenues from leasing that land will help pay for the purchase. The rest of the site will be part of Brooklyn Bridge Park. Plans call for a 13,000-square-foot lawn with views of the Manhattan Bridge and the city skyline. Sounds nice! Brooklyn Bridge Park put out a request for proposals to build the apartments last month, and some locals are concerned about potential for the area to flood in future hurricanes. Con Ed plans to share about half its gains from the sale with customers and keep the rest for itself. (The entire amount breaks down to only $1.40 for each of Con Ed’s 3.2 million customer, according to The New York Times.)
Don’t Own It? Still Make Money on Land Sale Near Brooklyn Bridge [NY Times]
Image via Brooklyn Bridge Park

One Comment

  • Wouldn’t it make more sense for Con Ed to put the money they plan to give to us into something where it will do some good? $1.40 per customer is nothing, $4.5m could make a nice difference with a local non-profit.