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Countdown 'Clock' Unveiled for City's $100M Offer for CitiStorage Site

By Gwynne Hogan | June 17, 2016 3:22pm | Updated on June 20, 2016 8:40am

WILLIAMSBURG — Local politicians, elected officials and activists unveiled a countdown "clock" outside of the waterfront CitiStorage property Friday morning with the hope of pressuring its owner to accept the city's $100 million offer for the site.

The site, an 11-acre property owned by businessman and columnist Norman Brodsky on the Williamsburg-Greenpoint waterfront, was part of a nearly 30-acre swath of land that the city promised to turn into a park during the 2005 rezoning. The promised green space led to an explosion of residential development along the waterfront.

The city has already allotted $225 million towards the completion of one section of park and is in the process of buying other parcels and beginning construction in other locations. But until last week Mayor de Blasio's administration had not made an offer on the Brodsky property, which is located in between two other sections of future parkland.

After months of advocacy from local park activists from Friends of Bushwick Inlet Park and pressure from state and local politicians, de Blasio finally moved to acquire the property, tweeting about the city's $100 million offer to Brodsky last week. The offer expires in 52 days.

"North Brooklyn deserves Bushwick Inlet Park," de Blasio wrote.

But the $100 million is far less than what Brodsky says he's willing to accept for the property. He said real estate firm Cushman and Wakefield recently appraised his land at $325 million. 

"[It's a] good start but they need to get to fair value," Brodsky said after the city made its offer. 

"[It's] 670,000 buildable ft... plus [we're] on the water surrounded by parks. What do you think that's worth?"