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Court Gives Go-Ahead to Pier Six Towers

Curbed reports that New York Supreme Court Justice Carmen Victoria St. George on Friday issued a ruling dismissing a lawsuit filed by the Brooklyn Heights Association in July of 2016 against the Brooklyn Bridge Park Corporation and two developers, seeeking to prevent the construction of two high rise residential towers on the uplands of Brooklyn Bridge Park’s Pier Six, near Atlantic Avenue and Furman Street.

The BHA’s suit was based on language in the Park’s General Project Plan providing that no more private development would be allowed in the park than is necessary to provide the Park with funds, in the form of payments in lieu of taxes (“PILOTS”), needed to provide for the Park’s ongoing maintenance and operations. The BHA engaged financial experts who compared the Park’s maintenance and operational needs with what they considered the likely amount of PILOT revenue to be generated by already completed or soon to be so commercial and residential projects. These projects, the experts concluded, would produce more than enough revenue to cover all reasonably expected maintenance and operational costs. The BBPC’s and developers’ experts disagreed.

The Curbed story quotes the judge’s ruling as follows: “while the BHA’s experts provided rational alternatives to the analyses of respondents’ experts … it simply means that respondents had more than one acceptable path to take in their review of this complex and multi-part project”. This implies that “build” and “don’t build” were both acceptable results within the terms of the General Project Plan, which seems odd. Perhaps it reflects the court’s sense of frustration following repeated attempts to get the parties to reach a compromise and settle the suit.

Curbed reports that the BHA has issued a statement of its “disappointment” with the court’s ruling, noting that it still strongly believes the Pier Six towers “far exceed the Park’s fiscal needs.” It also notes that the BHA “is considering its next steps in its long-term effort to ensure that the BBPC complies with its legal obligations.”

SOURCE: Brooklyn Heights Blog » Real Estate – Read entire story here.