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No Takers For Governor's Island

By Newsradio 88 Staff

There are still no takers for Governor's Island. The 187-acre island is available once the U.S. Coast Guard closes down operations in late 1998, reports the Associated Press.

Federal agencies have a legal right of first refusal to the island off Lower Manhattan, but no one has staked a claim to it thus far.

The island could eventually wind up in the hands of the city, the state or even private developers.

It was used as a military base for most of the 360 years since Dutch settlers bought it from the Indians for two axe-heads and a string of beads, says the Associated Press.

The Coast Guard inherited Governor's Island from the Army in 1966 and turned it into a community housing some five thousand people and accessible from lower Manhattan by 24-hour ferry.

The Coast Guard has spent $60 million a year to operate Governor's Island. And it will cost $ 10 million a year just to maintain and secure it after the maritime agency finally leaves.