“From an economic development standpoint, it’s a giveaway,” said Jeffrey LeFrancois, the chair of Manhattan Community Board 4, which covers a stretch of the West Side that includes the pier.
“Given that Vornado has already had the ability to do this the past 13 years and done nothing, it’s outrageous that they are taking this pier from taxpayers for pennies on the dollar.”Mr. LeFrancois said the terms were particularly friendly because Vornado, which primarily operates office buildings in New York City, has been eager to find new revenue sources as companies jettison physical offices.
The relationship is mutually beneficial: Developers get to build on city land, and the mayor gets to point to new projects as evidence that he is leading New York out of the pandemic.
In Queens, the mayor has touted a plan to redevelop a swath of the borough that will include the new soccer stadium and what officials have described as the largest construction of entirely affordable housing since the Mitchell-Lama developments of the 1970s.
Like other stadiums in the city, the new one will not pay property taxes, although the team that will play there, the New York City Football Club, will pay some rent.
Persons:
”, Jeffrey LeFrancois, Vornado, Mr, LeFrancois, ” Mr, Adams, Mitchell
Organizations:
Manhattan Community, New York City Football Club
Locations:
New York City, New York, Queens