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March 21, 2005
ROBBING THE MTA
NY Post, Op-Ed
by Julia Vitulo-Martin, Senior Fellow, Manhattan Institute
...no similar public debate on value has occurred over the Brooklyn site, which the Bloomberg administration is willing to turn over to Forest City Ratner at no charge. Developer Henry Weinstein, a principal with Pacific Carlton Development Corp. and a downtown property owner, says a value of $100 per buildable square foot is standard for the area. Using a more conservative $80 a square foot, and Ratner's projection that the site will produce 6.8 million square feet of buildable space, Weinstein suggests a value of at least $500 million.
The MTA needs this money — and it's in every New Yorker's interest that it gets it.
Posted by lumi at March 21, 2005 12:14 PM