After successfully seeking control over Governors Island and Brooklyn Bridge Park, Mayor Bloomberg continues his game of Monopoly with his piece set on buying Battery Park City.
Comptroller John Liu is tasked with determining whether the takeover of Battery Park City from New York State makes sense for New York City. In a bid to help close the city’s budget deficit, acquiring Battery Park City would mean a constant flow of revenue from ground lease revenue and property taxes.
Although the city has had a longstanding option to acquire Battery Park City for a mere $1 dollar, tacked along with the purchase would be nearly $1 billion dollars in debt and high maintenance costs for the area.
The comptroller is also considering Battery Park City residents and commercial tenants opinions on the acquisition.
Whether or not the acquisition would follow through has yet to be seen, although it’s quite obvious that the plan has kicked in. Especially in light of Governor Patterson’s recent nomination of William Thompson as Battery Park City Authority’s new chairman.
New York Magazine’s Intelligencer has an interesting take on what this means, also mentioning that if the deal does not go through before September’s political primary — the likelihood that it deal would go through at all would be all but nullified.
How do you feel about about the possible acquisition of Battery Park City by the city and do you think this is a step in the right or wrong direction?