NYC to Revitalize Brooklyn Waterfront, Marine Terminal

This is the city government's largest real estate transaction in recent memory.

Originally seen on globest.com

New York City will take control of 120 acres from Brooklyn Bridge Park to Red Hook to develop a mixed-use neighborhood around a transformed Brooklyn Marine Terminal, according to an agreement announced yesterday between the City of New York, New York state, the Port Authority, and the New York City Economic Development Corporation – land that mostly controlled by the Port Authority of New York and New Jersey right now. The city will invest $80 million in improvements that include rebuilding three dilapidated piers and adding a new crane.

As part of the deal, New York City will transfer ownership of its 225-acre portion of the Howland Hook Marine Terminal on Staten Island to the Port Authority, which will enable future expansions of the port.

Assuming control of the Brooklyn Marine Terminal in Red Hook is the city government's largest real estate transaction in recent memory, said Mayor Eric Adams. He said he envisioned a waterfront community with amenities that included open space and housing.

A memorandum of understanding is expected to be signed later this week that will outline the transfer and lease terms, with the actual transfer happening over the next few months.

Part of the project includes $65 million to fund the planning of the development and to stabilize pier infrastructure at the Brooklyn Marine Terminal, which will be managed by the New York City Economic Development Corp. on behalf of the city.  The modernized port's location will be decided during the planning process. Meanwhile, the state is contributing $15 million for a cold storage facility meant for perishable deliveries by water, in order to cut down on truck traffic – part of Adams' "Blue Highways" plan to move more freight using New York's waterways rather than its roads.

"Brooklyn gets a revitalized waterfront. Staten Island gets a stronger, more competitive Howland Hook. New York gets a more efficient port system," Gov. Kathy Hochul said.

Execution of the plan is expected to take a few years, and input from the community will be solicited, beginning this summer.  Also, a Brooklyn Marine Terminal taskforce is being assembled that will include elected officials, unions, Brooklyn businesses and community members.