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| Port Authority Chairman John Degnan speaking at Crain’s 2017 Real Estate Conference – Buck Ennis photo |
John Degnan is open to off-loading 80-acre waterfront site for potential development, but political pitfalls remain
Daniel Geiger reports for Crain’s:
The chairman of the Port Authority of New York and New Jersey revived an idea floated in recent years for the agency to sell off one its biggest and most valuable real estate assets: the Red Hook Container Terminal, an 80-acre relic of the Brooklyn waterfront’s industrial past.
The site is still used for shipping, but, with sweeping views of lower Manhattan and New York Harbor, and an address in an increasingly hip precinct of Brooklyn, it could be worth hundreds of millions of dollars for the kind of large-scale residential development that has risen in other areas such as Williamsburg, Greenpoint and Dumbo.
“A core recommendation … was to divest real estate assets that are not producing a flow of income that supports investments in transportation infrastructure,” Degnan said. “Red Hook is a primary example of that. I know there are political difficulties in the state and city of New York to doing it, but the Port Authority would be enormously benefited.”
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