The city took a big step toward completing the long-awaited Bushwick Inlet Park this week.

The mayor’s office on Tuesday announced that it reached an agreement to buy the 11-acre CitiStorage site for $160 million from its owner Norman Brodsky.

Plans for the park, which will cover more than 27 acres between Williamsburg and Greenpoint, were originally announced by Mayor Michael Bloomberg’s administration in 2005. It was agreed to in exchange for a major residential rezoning in the area.

According to U.S. Rep. Carolyn Maloney, who represents the neighborhood, the area desperately needs more park space, as currently there is less than a half-acre of park per 1,000 residents, which is a third of what city planners recommend.

“This soon-to-be beautiful park will serve our community for generations to come,” she said in a statement.

“This is a proud day for the people of Williamsburg and Greenpoint,” said state Assemblyman Joseph Lentol, who also represents the neighborhood, in a statement. “This is the most significant development that the City of New York has made toward fulfilling the promise made to this community during the 2005 rezoning.”