New York City will take control of 120 acres from Brooklyn Bridge Park to Red Hook to develop a mixed-use neighborhood around a transformed Brooklyn Marine Terminal, according to an agreement announced yesterday between the City of New York, New York state, the Port Authority, and the New York City Economic Development Corporation – land that mostly controlled by the Port Authority of New York and New Jersey right now. The city will invest $80 million in improvements that include rebuilding three dilapidated piers and adding a new crane.

As part of the deal, New York City will transfer ownership of its 225-acre portion of the Howland Hook Marine Terminal on Staten Island to the Port Authority, which will enable future expansions of the port.

Assuming control of the Brooklyn Marine Terminal in Red Hook is the city government's largest real estate transaction in recent memory, said Mayor Eric Adams. He said he envisioned a waterfront community with amenities that included open space and housing.