New York’s next big redevelopment project?

Developers hungry for large plots of developable land in New York City could be soon be delivered a 400-acre gem. This week, New York mayor Bill de Blasio agreed to close down the city's famous Rikers Island prison complex and open new jails in Manhattan, Brooklyn, Queens and the Bronx. The island, which is close to La Guardia airport, is known as New York’s Guantanamo and currently houses 7,000 people. It is scheduled to close by 2026. Although no plan of action for the 400-acre site has yet been released, the land could provide commercial or residential opportunities for developers.