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Brooklyn Bridge Park Watch

It's well-known that Brooklyn Bridge Park is partially funded by the condos that have been built, and are being built, along the edge of the park, but what exactly does that mean? The Times breaks down what will happen for Pierhouse buyers: "What this special arrangement means for condo buyers, in practical terms, is that all of their property taxes, though assessed by the city's Department of Finance, will go directly to the park. [...] And the 97-year ground lease will add $1 to $2 a square foot to the total annual common charge, he said. According to Toll Brothers, a homeowner will contribute, on average, $30,000 a year to the 85-acre park in the form of Pilots, an acronym for 'payment in lieu of taxes,' and ground-lease fees." [NYT; previously]

Pierhouse

90 Furman Street, Brooklyn, NY 11201