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Article: Feds threaten to auction Governors Island.(New York City landmark)(Brief Article)
- Article from:
- Real Estate Weekly
- Article date:
- August 15, 2001
- Author:
CopyrightCOPYRIGHT 2001 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The federal government is threatening to auction off Governors Island to the highest bidder on Oct. 1 unless the state fixes its draft plan to develop the island for commercial use.
The federal General Services Administration, the island's landlord, sent a letter last month to the state Empire State Development Corp. saying the draft plan put forth over a year ago was not legally adopted and lacked sufficient development details. It said both issues must be addressed before an appraisal could lower its current $330 million appraised value.
Federal officials claim that, under the Balanced Budget Act of 1997, the agency is required to sell the property at ...