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September 3, 2006
Are Brooklyn's Vanderbilt Rail Yards Chopped Liver?
DDDB.net
There is a huge power and money struggle going on over the West Side's Hudson Yards. The MTA has just appraised those yards at 3 times the value that the City is offering the transportation authority.
...
Well, as we know Forest City Ratner offered the MTA $100 million for the Vanderbilt Yards–the 8.3-acre active rail yard that makes up about 37% of the acreage in Ratner's 22-acre "Atlantic Yards" proposal. The Extell Development Company offered $150 million. The MTA appraised Vanderbilt Yards at $214.5 million. ...
We are looking for some consistency here. And while we are at it, why isn't (or hasn't) the City offering to buy the Vanderbilt Yards, platform them and sell it off to developers? If that makes sense on the West Side it certainly makes sense at the real estate treasure going east from the intersection of Flatbush and Atlantic.
Posted by lumi at September 3, 2006 5:53 PM