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November 19, 2008
It's No Wonder the MTA is In Crisis, and Straphangers Will Pay
Develop Don't Destroy Brooklyn reminds Atlantic Yards critics that while the MTA is planning deep service cuts and layoffs, the same agency accepted Bruce Ratner's lowball bid for the Vanderbilt Railyards.
Perhaps the MTA wouldn't be in such dire straits and sticking it to New Yorkers had they not done dumb real estate deals. For example, the MTA has an agreement to sell the 8-acre Vanderbilt Rail Yards to Bruce Ratner for $100 million (no money collected yet) leaving $150 million on the table from Extell Development Company and, moreover, the $214.5 million the yards had been appraised at.
That's a minimum of $50 million the MTA turned down on just one deal. No wonder New Yorkers now have to pay.
NoLandGrab: Simply put, that's more for Bruce and less for you.
Posted by lumi at November 19, 2008 6:02 AM