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July 22, 2005
Barnett 3, Ratner 1
The Real Estate Observer
by Matthew Schuerman
The MTA released the bids for the Vanderbilt Yard (a.k.a. Atlantic Yards) over in Brooklyn and it looks like the maverick Extell Development Co., run by Gary Barnett, outbid the Mayor’s favored player, Forest City Ratner. Extell is offering $150 million in cash, compared to $50 million offered by Forest City.
The Observer is reporting that Ratner's press release is padding their figures ($329.4 million) by including "the sales tax that the development will bring to the MTA over the long haul."
NoLandGrab: Since the Extell bid is three times higher, watch Ratner pull out all the stops to spin this thing his way.
Posted by lumi at July 22, 2005 10:57 PM