The city’s agreement to fund Brooklyn Bridge Park’s annual maintenance with the property taxes on soon-to-be-sold Watchtower properties could be the greatest real-estate swindle of all time or sound public policy. But either way, it’s created plenty of winners and losers:
The Watchtower Bible and Tract Society: The sect also known as the Jehovah’s Witnesses will make a killing when the city rezones its 30-plus properties for residential use.
Brooklyn Heights: The richest neighborhood will have its flashy new park paid for without bearing the burden of any new buildings.
Daniel Squadron: The Brooklyn Heights state senator made good on his main campaign promise to reduce or eliminate housing inside Brooklyn Bridge Park — and won’t likely be blamed if the deal blows up.
Developers: Real-estate magnates were dying to build new luxury high-rises on Pier 6. But if the city plan works, those buildings won’t be needed.
The next mayor: The new administration will be holding the bag if the Watchtower buildings don’t generate as much park money as advertised.
The poor: Millions of dollars in normal property taxes — which fund basic city services such as libraries, cops, firefighters and schools — will be siphoned off from the rezoned Watchtower buildings to pay for a fancy park in an already rich neighborhood.
— Kate Briquelet
©2011 Community News Group
By submitting this comment, you agree to the following terms:
You agree that you, and not BrooklynPaper.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to BrooklynPaper.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.