NYC Settles Challenge To $350M Waterfront Project

Law360, New York (May 21, 2012, 6:29 PM EDT) -- New York City's $350 million overhaul of the Brooklyn waterfront cleared a legal hurdle Monday when the city promised to build new park space to replace land swallowed by a retail development, settling a lawsuit that had delayed the project for more than a year.

The agreement with community and historic preservation groups clears the city to redevelop two abandoned warehouses, reminders of Brooklyn's once-vibrant shipping industry, into a major source of revenue.

The Tobacco Warehouse and nearby Empire Stores will be converted as planned into...
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