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Can Tax Increases Fund the Future of Brooklyn Bridge Park?

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The newest residential buildings planned for Brooklyn Bridge Park, two towers near Pier 6, have been the most controversial, with a very vocal opposition group fighting against the development. After the Brooklyn Bridge Park Corporation voted down the need for a full environmental review, things were relatively quiet in August, but yesterday, the Daily News published an op-ed by Lori Schomp, the founder of Save Pier 6, the group that opposes the new buildings. In the article, Schomp argues that more housing is unecessary because the park "is poised to reap a seven-fold tax increase from one building alone as tax breaks expire in coming years." The increases may raise as much as $200 million over 50 years, which Schomp says "would more than cover operations as well as a one-time pier repair." A few other expiring breaks would add $30 to $40 million to that total.

Schomp says that the corporation based a recent financial analysis on 2018, just before the tax breaks expire. "Ignoring that revenue lowballs projected income and creates an illusory need to build," writes Schomp. She also points out that the original plan "calls for 'the minimum development necessary to cover the park's maintenance and operational needs' and that 'the development program will be reduced accordingly' if market conditions permit." But, as previously reported, the corporation decided to not fully review the plans for the towers.

Currently, plans for the Pier 6 towers are on hold, per a judge's orders. But if things do move forward, the buildings, a 31-story and a 15-story tower, will look like one of these 14 designs and bring 430 apartments to the park near Atlantic Avenue.
· Funding can be raised to maintain Brooklyn Bridge Park without building high-rise housing on limited park space [NYDN]
· Brooklyn Bridge Park To Proceed With Contested Pier 6 Towers [Curbed]
· All Pier 6 coverage [Curbed]

Brooklyn Bridge Park - Pier 6

Pier 6, Brooklyn, NY 11201