Brooklyn Bridge Park Loses $11M; Condos Looking More Likely

After promising $55M to help finish work on Brooklyn Bridge Park, the city just trimmed that number by $11M due to a citywide cut in funding for parks. That means the Brooklyn Bridge Park condos are looking increasingly likely as a way to close the gap in funding for park maintenance, which comes out to $16M per year. A report says that fees and parking can raise between $2.5M and $7M per year which is not even close to how much they're going to need. The cut in funding also deals a blow to Pier 2 on John St. in DUMBO which was heavily relying on these funds. Of course a condo opponent calls BS on the report saying that it ignored tax revenues coming in from Watchtower properties being sold by the Jehovah's Witnesses. In any case, the words of the BBP Conservancy Director Nancy Webster are sounding pretty true, "It seems clear from the final outcome of the report that some residential housing is needed on the site."
· Brooklyn Bridge Park Loses $11M in Funds as Pols Fight Over Funding for Grounds Maintenance [NYDN]
· Brooklyn Bridge Park Coverage [Curbed]