Con Ed will maintain and expand its other steam and electric plant in Manhattan, according to a spokesperson for the company. "Deregulation of utilities played a part in the sale," he says. "Consumers now can choose what power provider they want, including Con Ed. Further, the company decided to sell the properties as a simple business decision. The economy is good and Con Edison felt the time was right."

The company will need approval from New York State to close the plant and expand the steam facility that is still operating. The company spokesperson saw no reason why the approval should not be granted. Con Ed consumers will see some form of financial relief in future bills from the proceeds of the sale in a manner to be determined by the state's Public Service Commission. Zoning approval must also come from New York City, and residents of the area are expected to demand open space be included in any development plans. The entire process can take up to three years to complete.