US News

BROOKLYN BRIDGE PARK CONDO PLAN IS $INKING

Close to 800 high-rise luxury condos and a hotel planned to support the Brooklyn Bridge Park project are on hold because of the slumping economy, raising serious questions about whether the long-delayed park can support itself.

The city-state agency overseeing construction of the 85-acre waterfront park in Brooklyn Heights and DUMBO confirmed that plans to build 780 new apartments and a 225-room hotel have been postponed indefinitely.

Also put off was a plan to renovate the Civil War-era Empire Stores warehouse within the park and convert it to retail space.

More than 1,200 luxury condos were slated to raise money to offset costly park maintenance. To date, only 447 have been built at the One Brooklyn Bridge Park complex near Atlantic Avenue. And only one-third of those have sold after hitting the market 20 months ago.

Judi Francis, who heads a grass-roots group fighting to keep housing off the parkland, was heartened by the news.

“We knew that once people begin to use this park, there would be bloodshed to take it back for housing,” she said.

The project was in the works for more than 20 years before ground was broken last year. It is expected to cost at least $350 million to develop – well above the $150 million budget set by then-Gov. George Pataki in 2002.

rich.calder@nypost.com