By Jill Colvin and Julie Shapiro
DNAinfo Staff
BATTERY PARK CITY — The city is considering a takeover of Battery Park City, Mayor Michael Bloomberg said Monday.
The city has long had the option of buying Battery Park City from the state for $1 and shutting down the Battery Park City Authority, but no mayor has ever acted on it.
The Authority takes in more than $200 million a year from taxpaying residents and businesses. That money would go directly to the city if Bloomberg exercised the $1 option.
But the city would also have to shoulder the Authority's approximately $1 billion in debt, and would have to take over maintenance of the 92-acre neighborhood, which is currently managed by the Authority.
"The economics of whether we can do that [or] not — we're still looking into it," Bloomberg told reporters Monday.
In any event, Bloomberg said he believes the city has a right to do it.
"But the question is: Can the city take on another burden and would it be an asset or a liability? It's a big part of the city, but if it's functioning well, maybe you could argue that we shouldn't."
In that vein, Bloomberg said he is also reviewing a state watchdog report showing that the Authority's former leaders squandered more than $300,000 of local taxpayer money on parties, presents and fancy lunches.
"I think the first thing is to make sure that everybody behaves honestly," Bloomberg said Monday. "I don't know what happened in that case. I don't know whether any of the allegations are true."
Bloomberg directed Comptroller John Liu to study the feasibility of a takeover at the beginning of this year. Both Liu and Bloomberg would have to sign off on the $1 purchase.
Liu said in April that he wanted to hear from local residents and business owners before he took a position.
Liu's office did not respond to requests for comment Monday.
Community Board 1 Chairman Julie Menin and some local residents have also advocated for the Authority to be phased out.
