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Brooklyn Bridge Park Developer Warns of Financial Trouble for Pier 6

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Investors need the project to move forward by the end of April

Funding for the residential towers planned at Pier 6 in Brooklyn Bridge Park could be in trouble if the project does not move forward soon enough, a letter from the developer to Empire State Development, has revealed.

Politico first reported on the letter (h/t TRD) in which developer Robert A. Levine of RAL Development says that the financial partners on the project need the development to move forward by April 30, 2016 or they might withdraw their support of the project.

The Pier 6 development calls for the construction of two buildings along the waterfront. One 29-story building with 192 market-rate apartments, and a 14-story building with 30 market-rate units, and 117 affordable apartments. There are also plans to add a pre-K facility and more open space to the park area, according to Levine's letter, a copy of which was obtained by Curbed.

The development team of RAL and Oliver Realty Group had already reduced the height of the building after community opposition, but progress on the building stalled after a public comment period ended this past August. The state wanted the city to come to a consensus with all the those concerned with the construction.

However time now seems to be running out for the developers.

"Let's work together to make sure the future of that incredible public asset isn't now put at risk," Levine wrote in his letter. "And to deliver a project we should all be able to get behind."