Last summer, GSA completed the successful sale of this former federal building to the New York City Economic Development Corporation, which had selected a private developer to redevelop the 1.1 million square foot warehouse. The federal government received $10 million through GSA’s negotiated sale to the New York City Economic Development Corporation.
The Obama Administration is moving aggressively on disposal of excess properties such as this one to save taxpayer dollars and make more efficient use of the government’s real estate assets. President Obama has directed federal agencies in a Presidential Memorandum to focus on improving the management of the government’s real estate and getting unneeded properties off our books. Agencies have risen to the challenge and identified opportunities that exceed the President’s goal to realize $3 billion in savings from the government’s properties by September 30, 2012.
Since 2002, GSA, working with all federal landholding agencies, has disposed of over 3,355 unneeded federal properties resulting in over $5.6 billion in proceeds. With our position as the leading federal asset manger, we will continue to work with agencies to aggressively identify and dispose of underutilized buildings to make our government more sustainable and efficient.
The sale of the Brooklyn warehouse to the New York City Economic Development Corporation will deliver jobs to the region while relieving the federal government of a property that has outlived its utility.