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January 30, 2008
MTA prefers leasing Hudson Yards
Crain's NY Business
By Theresa Agovino
The Metropolitan Transportation Authority would rather lease the Hudson Rail Yards to a developer for 99 years than sell the 26-acre site.
...
A source at one developer said the MTA was caving in to public pressure not to sell the property, which includes active MTA rail operations. But the MTA spokesman says that under a 99-year lease agreement the developer would still control the site.
Since the early days, just after Atlantic Yards developer Bruce Ratner announced his arena and high-rise megaproject for Prospect Heights, Brooklyn, the comparison between the Vanderbilt Railyards and the Hudson Railyards has enabled New Yorkers to understand the MTA real estate giveaways. Uproar over the dispensation of the Hudson Yards led to a pro forma RFP for the Vanderbilt Yards, which led to Ratner's low ball bid coming out on top.
Yesterday, Develop Don't Destroy Brooklyn continued the "Tale of Two Yards" on DDDB.net.
Remember the "bidding process" over the Vanderbilt Rail Yards, the 8-acre MTA/LIRR property which comprises part of the Atlantic Yards footprint? Remember how the MTA appraised the Yards at $214.5 million back in 2005? Remember how Ratner bid $50 million and Extell Development Company bid $150 million? Remember how the MTA forced Ratner to up his bid to $100 million and then awarded him the winning bid?
Well, today Crain's reports that at least three of the bidders on the Hudson Yards on Manhattan's West Side offered "about $1 billion."
Posted by lumi at January 30, 2008 5:42 AM