Agreement Announced that will Enable Redevelopment of 122-Acre Brooklyn Marine Terminal

The New York City Economic Development Corp. (NYCEDC, along with Mayor Adams, Governor Hochul, the Port Authority of New York and New Jersey, recently announced an agreement in principle that will open the door to a redevelopment of the 122-acre Brooklyn Marine Development into a “modern maritime port and vibrant mixed-use community hub.” Located along the Red Hook waterfront, an initial investment of $95 million will be made jointly by the city and the state. Additionally, grant applications have been submitted by the city for over $350 million in federal funds from the U.S. Environmental Protection Agency and the U.S. Department of Transportation. According to a statement by Mayor Adams, the project has the “potential to create thousands of new jobs, generate billions in economic impact, and build a vibrant mixed-use neighborhood and modern maritime port focused on getting trucks off the roads.” A task force will be assembled by the city to “engage stakeholders and develop a shared vision for the facility’s new amenities that will be added as a result of the project.”