Eight months after it was first announced to the surprise and bewilderment of many New Yorkers, an improbable but well-financed plan to bring a bicycle racing track to Brooklyn Bridge Park has collapsed.

Joshua P. Rechnitz, the reclusive philanthropist behind the project, said on Wednesday that he and his team had withdrawn their proposal for the park and would seek another location in or around the city for the indoor sports complex.

For cyclists, it is a velodrome dream deferred. For some Brooklyn residents, who balked at the use of an outsize park parcel for a niche sport, it is good riddance.

But in the end, supporters said, the neighborhood was just too expensive.

The decision to abandon the Brooklyn park, reached at a meeting on Monday, came after planners were unable to produce a design that could fit within the bounds of Mr. Rechnitz’s $50 million pledge for its construction and maintenance, despite months of efforts.