Posted Oct 12, 2020, 5:42 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,655
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https://therealdeal.com/2020/10/12/port-authority-out-3b-has-waterfront-land-to-sell/
Port Authority, out $3B, has waterfront land to sell
Agency’s revenue crushed by Covid as it pursued projects costing billions
TRD New York
October 12, 2020
Quote:
...Vehicular traffic is back within 10 percent of normal, and shipping at the agency’s ports is now above its level of a year ago. However, airport activity is still down 80 percent, said Rick Cotton, executive director of the agency, during a TRD Talk last week.
One revenue generator for the authority would be to sell to housing developers its 80 acres of waterfront land in Red Hook, where it has a small container operation...
“We understand that in terms of its land, it’s not the highest and best use,” Cotton said. “We’d absolutely be prepared to work with the city, state and community in terms of enabling development on that site.”
...Cotton noted that regardless of what happens with the Red Hook site, shipping will continue somewhere in Brooklyn. Operations could be moved to the South Brooklyn Marine Terminal in Sunset Park. The bistate agency has been talking with de Blasio’s Economic Development Corporation, which owns the terminal.
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