Backed by $405 million in city, state, federal funding, and an anticipated federal loan, the project will create a new state-of-the-art, intermodal food distribution facility.
Plunkett, who joined the Bronx-based Simone Development Companies in 2018, is well known in Westchester County’s business and not-for-profit community.
Mortgage rates started the New Year with a decline to 6.25%, the lowest level since September 2024.
In addition to a revitalized port, the plan passed on Sept. 22 will also create 6,000 new homes—including 2,400 permanently-affordable units—as well as 28 acres of public space.
NEW YORK—More than two-thirds of the Brooklyn Marine Terminal (BMT) Task Force has passed a historic vision plan to turn the BMT into a modern, maritime port and create a vibrant, mixed-use community along the Brooklyn waterfront.
With a $65-million state investment to support housing growth and build a future cold storage facility on-site—a total investment of $410 million made possible by city, state and federal governments—the proposal will transform the dilapidated marine terminal into a 60-acre, all-electric maritime port that can, once again, serve as a key economic driver for the community.
In addition to a revitalized port, the plan passed on Sept. 22 will also create 6,000 new homes—including 2,400 permanently-affordable units—as well as 28 acres of public space, 275,000 square feet of commercial space, 250,000 square feet of community facility space, and 225,000 square feet of light-industrial and industrial space.
The plan, which covers a total of 122 acres, will also deliver vital resiliency and infrastructure upgrades for the area while generating an estimated $18 billion in economic impact, 37,000 temporary construction jobs, and 2,000 permanent jobs. The Vision Plan adopted by the BMT Task Force serves as the foundation for all future investments and redevelopment at BMT.
“This bold, $3.5 billion vision will transform the Brooklyn Marine Terminal into a modern, all-electric maritime hub and a thriving new neighborhood — delivering good-paying jobs, affordable homes, and public amenities for generations to come,” Gov. Kathy Hochul said. “New York State is proud to stand with the city to make this once-in-a-generation investment in our waterfront, our economy, and our communities. Together, we’re proving that growth, resiliency, and equity can go hand in hand.”
New York City Mayor Eric Adams added, “Today, our city took a massive step towards the future. By approving this $3.5 billion vision plan, we will turn a crumbling marine terminal into a modern maritime port while creating thousands of affordable homes and tens of thousands of good-paying jobs. We’ll deliver the open space our city needs and keep New York at the front of the green economy. For years, naysayers have told us that the days of big ideas and bold initiatives were over, but New York City is proving them wrong. We’re turning our waterfront into a ‘Harbor of the Future’ and unlocking opportunity for generations to come.”
In the coming weeks, NYCEDC will form a Brooklyn Marine Terminal Advisory Task Force to guide the project through environmental review and development of a General Project Plan. NYCEDC expects the release of a draft Environmental Impact Statement and Empire State Development’s adoption of a draft General Project Plan in 2026. NYCEDC is aiming to release the first request for proposal for a long-term port operator by the end of 2026.
Backed by $405 million in city, state, federal funding, and an anticipated federal loan, the project will create a new state-of-the-art, intermodal food distribution facility.
Mortgage rates started the New Year with a decline to 6.25%, the lowest level since September 2024.
Levy previously served as Senior Vice President of Homeownership and Community Development at Homes and Community Renewal (HCR), New York State’s affordable housing agency.
The properties contain a contiguous expanse of forest, wetlands, and streams, as well as 1,150 feet of frontage on the Neversink River.
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