NYC Misses Out On Money In Brooklyn Waterfront Deal Due To Restrictions

WCBS 880 Newsroom
October 14, 2019 - 3:06 pm
Brooklyn waterfront

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NEW YORK (WCBS 880) – A Brooklyn waterfront deal will net the city $4 million a year in rent, but that’s a lot less than what the city could be getting.

The Post reports that the city’s economic development corporation’s lease of the 65-acre South Brooklyn Maritime Terminal restricts the waterfront to maritime use.

The deal could’ve been worth $20 million a year, if the land use had been unrestricted.

Supporters of the deal say the restrictions help keep the area’s character, sustain jobs, and block the construction of more luxury housing.

The South Brooklyn Maritime Terminal has been closed for almost 20 years.

The area’s city Councilman Carlos Menchaca told the Post that he stood by restrictions, saying, “As council member, I will continue to lead side-by-side with our local leaders to ensure that local family-sustaining jobs, aimed at mitigating climate change, come to our waterfront.”