The Real Deal writes about waterfront real estate developers realizing the benefits to their projects by utilizing ferries as part of the NYC transportation system and in some cases are providing subsidies to the ferry operators .
Many developers, including the trio of companies behind Schaefer Landing, BFC Partners, L & M Equity Participants and Allstate Realty Associates, have quietly cultivated mutually beneficial relationships with the city's two water taxi firms -- NY Waterway and New York Water Taxi -- to enhance their river-front projects with dedicated ferry stops.Is RIOC, the Related Companies, Manhattan Park, the Octagon and other property owners on Roosevelt Island listening?
Some developers pay water taxi operators annual subsidies to guarantee they get docking barges and stops.
Donald Capoccia, who is managing partner of BFC Partners, believes in the future of water transportation. His company struck a five-year deal with New York Water Taxi in 2006, shelling out upwards of six-figures a year as an operating subsidy for the Schaefer site.
Similar deals were struck between New York Water Taxi and the new development One Brooklyn Bridge Park, as well as retail locations in Brooklyn