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December 3, 2008
Vanderbilt Yards and the Money Left on the Table
Develop Don't Destroy Brooklyn
Develop Don't Destroy Brooklyn sent the following letter last week to Richard Ravitch and the other members of the Commission on Metropolitan Transportation Authority Financing:
November 23, 2008
Dear Chairman Ravitch:
We write to you regarding the upcoming report from the Commission on Metropolitan Transportation Authority Financing. We want to ensure that you aware of one untapped revenue source for the MTA.
As you know, Forest City Ratner’s (FCR) 22-acre Atlantic Yards development proposal includes the MTA/LIRR owned, 8-acre Vanderbilt Yard, which is located in the heart of Central Brooklyn adjacent to the Atlantic Terminal transportation hub. It is literally in the middle of some of the most expensive real estate in New York City.
In September 2005, the MTA reached an agreement to sell the Yard to FCR for $100 million.
The MTA had appraised the Vanderbilt Yard at $214.5 million at that time, and a competing development proposal by Extell Development Company offered $150 million for the MTA property.
...With the MTA in serious financial trouble, with fare increases, service cuts and layoffs looming, now would be the opportune time to renegotiate the agreement with FCR to get a fair deal for the MTA.
Posted by eric at December 3, 2008 7:28 PM