From the Brooklyn Paper:
The city quietly slashed the main source of revenue for Brooklyn Bridge Park, revealing only this week that a luxury condo that funds the park’s maintenance budget is now paying $1 million less — leaving a gaping hole in revenue at a time when planners are struggling to raise even more money for upkeep.
One Brooklyn Bridge Park, a high-rise within the park’s footprint, is supposed to pay $3 million annually, but the Department of Finance recently granted the condo’s developer a reduction in those payments.
The massive loss of revenue comes at a time when city officials are pushing for more housing to fund the park despite public opposition — and it raises the question of whether new high-rises will actually cover future expenses.
One Brooklyn Bridge Park, a former warehouse at 360 Furman St. that was converted into a condo and included inside the park footprint as a financing scheme, had brought in $1.8 million in fees and $1.25 million in ground rent to the park.
But the slashed the tenants’ fees to $800,000 this year after the condo’s developer, Robert A. Levine, requested an exemption, according to a Department of Finance spokesman.
Years ago, Levine got a steep tax break to build the high-rise within the park. At the time, he fought opposition to the sweetheart dealing, saying that the more he earned from his luxury tenants, the more he would put back into the park’s coffers.