Thursday, June 16, 2011

Now does this make sense?

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.


Anonymous said...

That plan looks like a Trojan horse for a private marina.
Who will be getting the $200+ a foot slip space ?

I wonder if Levine is on his way to getting a private marina out of the deal as well.
What does the taxpaying public get ?

Anonymous said...

So the City accepted less money after the fact? What about placing a lien against the Condo property to persue the the taxes?

Better yet, the City should demand equity in the Condo by receiving several Penthouse apartments to sell to collect the debt. In the future all tenenat as part of the condo association could be sued for non-payment of rent. Where is the teeth in collecting our revenue owed? We should seize the property outright and tie it up in court or sell it to another developer?

Anonymous said...

I just.... i dont know. I mean, i know this stuff happens all the time...but still, its dumbfounding. So blatant. So obvious. This HAD to be "worked out" before hand, no?

Jesus, this would make Boss Tweed blush!

Anonymous said...

Let's cut cards, welfare;etc. I never thought i'd miss Rudy..............