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July 24, 2005

Brooklyn land bids: The winner is...?

Field of Schemes helps explain why you might be confused:

New York's Metropolitan Transportation Authority has released details of the competing bids for its Brooklyn rail yards site - and if you're hoping to understand what they mean, for godsakes don't read the local newspapers:

-The Daily News has New Jersey Nets owner Bruce Ratner coming it at $50 million in cash, "but other planned extras balloon the bid to an estimated value of $369 million"; rival Extell Development, meanwhile, "is offering the MTA $150 million in cash while also planning to use up to $150 million in public funds." Ratner, reports the News, would require $200 million in city and state cash subsidies.

-The New York Times, meanwhile, counts only the cash bids, reporting that Extell's $150 million is "three times the amount Mr. Ratner bid for the property." The Times also notes that a law passed by the state legislature last month requires the MTA to take the highest offer for its land, and that while it hasn't yet taken effect, Richard Brodsky, chair of the state assembly's public authorities committee, says the MTA "ought to live by the law."


Posted by amy at July 24, 2005 11:08 AM