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July 30, 2007
Real Estate Round-Up
Brooklyn Daily Eagle rehashes last week's coverage in the Daily News that the Bloomberg administration has reached a deal with Bruce Ratner on the special carveout clause in the 421-a reform legislation. The Eagle included the claim that the new deal "could save the city $100 million."
The News reports that officials agreed yesterday to reduce the length of time Forest City Ratner is exempt from paying property taxes by 10 years, to 15 years, on the 1,900 market rate condos in the arena and high rise development.
“The tweak” could save the city $100 million.
Ratner spokesman Loren Riegelhaupt tells the News, “As far as we’re concerned, the issue has been resolved.”
NoLandGrab: While Ratner may still stand to gain $200 million from the special treatment awarded by the tweak to the legislation, it is billed as a $100 million savings for New Yorkers — brilliant!.
Posted by lumi at July 30, 2007 10:33 AM