As part of his State of the City speech yesterday, Mayor Mike Bloomberg -- in a discussion about revenue -- said the city plans to sell three Lower Manhattan properties. It was just a few sentences, but it gave Manhattan Borough President Scott Stringer a chance today to remind us all that his position, often seen as somewhat nebulous, does in fact matter.
Bloomberg broke the news while discussing how he would finance the many initiatives he outlined in his speech. He said that this year he will put up for sale three city-owned buildings (22 Reade Street, 49-51 Chambers Street, and 346 Broadway), which he anticipates will bring more than $100 million next year for the capital budget, $100 million in private sector tax revenue, and cost savings over the next 20 years. The properties are currently occupied by city agencies, including Corrections, City Planning, Parks and also Community Board 1, all of which would be relocated.
More >>