They Say It Will Help Fund Agency and Fuel Brooklyn Growth
By Harold Egeln
Brooklyn Daily Eagle
DOWNTOWN BROOKLYN — At the corner of Jay and Willoughby streets, above the busy A, C and F subway station, stands a tall empty building surrounded by scaffolding, vacant of people for five years, a silent sentinel in the center of a bustling Downtown Brooklyn.
If sold and used, the building at 370 Jay St. could become a pot of gold at the end of the Brooklyn business and cultural rainbow to help the MTA with its fiscal crisis and further fuel Downtown Brooklyn’s economic engine.
That is what Brooklyn leaders strongly urged at a press conference Wednesday at the N.Y. Marriott at the Brooklyn Bridge just before the MTA’s own public hearing there on its proposed severe service cuts and fare increases in the face of a $1.2 budget gap.
“Part of the answer is right down the street,” declared Borough President Marty Markowitz just a short walk from the 13-story, 400,000-square-foot building. “The building is prime real estate. It’s been empty for five years. It will still be unoccupied for another seven years. The MTA plan to keep it that way is foolhardy.”
Markowitz cited the economic and international tourist energy seething all over downtown, such as the success of the Marriott, the MetroTech Center, the stores along Fulton Mall and the business and residential building boom all around despite the recession. The area, Markowitz said, is also a magnet for attracting corporations.
“The time has come for the MTA to lease space or sell the building. Councilman David Yassky has suggested renovating the ground floor for retail business,” continued Markowitz, suggesting a $200 million sale price. “What else is in the MTA inventory? The MTA should look at every potential revenue stream such as this one here.”
Councilwoman Letitia James also said, “What else is out there in the MTA inventory we know nothing about? It could help relieve pressure on the MTA to prevent service cuts and fare increases.”
Said Joe Chan, president of the Downtown Brooklyn Partnership, “The maintenance and growth of that infrastructure is an asset to the MTA. The MTA has not acted responsibly on 370 Jay St.”
Chan invited the MTA to work with Brooklyn leaders to work out use of the building as a boost for the agency’s finances and utilizing valuable space at a prime location. “Come to the table with us,” he said.
Assemblywoman Joan Millman asked, “What are they doing with the building — using it to store tokens?” She noted that there was a press conference at the site three months ago, and if the MTA does not act, there will be one another three months from now.
“It was a valuable asset eight years ago. Then they let it stand. What other assets do they have?” she asked.
According to Chan, the MTA will likely say the city actually owns the building, and the MTA actually has what is called a master lease on it.
“Yes, the city owns the building, but the MTA controls it through the master lease. It’s imperative that it puts the site to productive use,” he said.
Both Michael Gold, a businessman and owner of Sid’s Hardware and Home Center on Jay Street and state Senator Daniel Squadron called the building “a blight on the neighborhood.”
“The way it is now is extremely counter-productive to the borough president’s vision and work. It’s almost like a slap in the face. It’s frightfully appalling,” said Gold.
At one time Citibank was located at the site, noted Gold.
“Right now it’s completely unproductive. It could be turned into a small business incubator.”
Squadron added, “The MTA tells us, ‘Forget about it. We don’t care about Downtown Brooklyn.’”
The Brooklyn Friends School, in Downtown Brooklyn since the mid-19th century, is on Pearl Street situated adjacent and to the rear of 370 Jay.
Michael Nill, its Head of School, said, “When times are hard, solutions cannot be reached without looking at one’s assets. The MTA is sitting on this tremendous asset. As to what it should do, it’s a no-brainer.”
With the status quo, the MTA, he said, is “punishing” Downtown Brooklyn.”
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© Brooklyn Daily Eagle 2009
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