Crain’s New York reports today on a new study, commissioned by Brooklyn Bridge Park Corp., that recommends spending $250 million to maintain the wooden pilings on which the Park sits…money that would come from the two residential towers planned for Pier Six.
In this case, maintenance would require a $90 million upfront investment—a sum that the park contends could be covered by two controversial apartment buildings planned for the southern tip of the green space. The remaining $60 million would be paid out over the next 50 years.
“We are in an enviable position where we would have the funds available to make this large upfront payment,” said David Lowin, vice president of real estate for the corporation. “As anyone who follows city government knows—that is rare.”
The study says that this upfront maintenance will, long-term, be less expensive and more effective than maintaining the pilings on an as-needed basis, as is the current practice.
Details at Crain’s, which also includes a link to the study.
