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July 23, 2008

Hudson Yards: Review of Development Proposal Designs

Noticing New York

Blogger Michael D.D. White contrasts the Yards Hudson and Atlantic, and the results aren't pretty.

Interestingly, the MTA is NOT maximizing the sales price of the land it is selling in the parallel example of Atlantic Yards. Rather than raise more money for capital or operating expenses the MTA is selling its property to the Atlantic Yards developer at a substantial write-down and collecting far less (hundred’s of millions less) than it could. In the case of the Atlantic Yards site the density of the site is being maxed out to an inappropriate degree, but the real estate value of that extra density that is being created with this maxing out is being given to the Forest City Ratner as the developer of the site rather than being captured by the MTA as in the case of Hudson Yards. (See: Friday, June 27, 2008 “No-property-tax status was supposed to raise the price of the Vanderbilt Yard”)

One last thing on Atlantic Yards, vis-a-vis Hudson Yards: The participation of City Council Speaker Christine Quinn and the other above named political representatives in the Hudson Yards Community Advisory Committee letter on Hudson Yards reveals where Speaker Quinn and the others should stand on the Atlantic Yards. They no doubt know this. There are many parallels between the proposed Hudson Yards and Atlantic Yards projects so that criticisms of Hudson Yards, which is a relatively good project (a high density project in a high density neighborhood), also apply to Atlantic Yards. At the same time, all the ways in which Atlantic Yards is different from Hudson Yards make Atlantic Yards a substantially worse project, probably the worst project being proposed in the City right now.

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Posted by eric at July 23, 2008 3:25 PM