Yassky: B'klyn Bridge Park Property Underpriced
October 7, 2005, NY Daily News — Prized waterfront parkland slated to become the Brooklyn Bridge Park is being lowballed by city and state officials, Councilman David Yassky charged yesterday. The land is valued by the Brooklyn Bridge Development Corp. at around $75 a square foot, roughly half what real estate experts and Yassky say…
October 7, 2005, NY Daily News — Prized waterfront parkland slated to become the Brooklyn Bridge Park is being lowballed by city and state officials, Councilman David Yassky charged yesterday.
The land is valued by the Brooklyn Bridge Development Corp. at around $75 a square foot, roughly half what real estate experts and Yassky say the area could get from developers wanting to build luxury condos on the 1.3-mile stretch. “This is a drastic underestimate,” said Yassky. “The development corporation appears to be lowballing here.” Park spokesman Lee Silberstein said the lower estimate is intended to entice developers to build architecturally significant buildings.
River Site Price Flap [NY Daily News]
They’re putting out a request for proposals sometime next year.
Does anyone know if a developer has been picked to develop the property? Is there a bidding process? I know that land in downtown brooklyn has sold for $150-$175 a/ft and in Park Slope for $200+ a/ft and that’s for a sell out of $700-$800 a/ft. I think its safe to say that waterfront properrty like this with a sellout at $1,000+ a/ft, this property is worth around $300 a/ft a far cry from the $75 a/ft the city wants to give this land away to their friends for…….
A sweetheart deal between the city and developers? Never!