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March 12, 2009

Changes at 470 Vanderbilt: The Box plus a new residential building

Atlantic Yards Report

The real news in a report on plans for the conversion and expansion of the former Atlantic Telecom building on the northwest corner of Atlantic and Vanderbilt avenues may be the land valuation.

In April 2007, I wrote about Forest City Ratner's flirtation with a plan to add 470 Vanderbilt Avenue, a nine-story former tire plant turned significantly empty telecom center just north of Atlantic Avenue, to the Atlantic Yards footprint.

That plan went by the wayside, and the telecom center became increasingly empty. But now it's showing signs of major changes: a renovation and rebranding of the office space, with new new retail, plus a new residential building slated for the site's large parking lot.

And there's an important Atlantic Yards connection; follow along to the bottom and take note of the assessed value of the land.
...

Assessed land value: under $11

It's worth looking at Department of Finance records to see the latest assessment. While DOF does not provide the square footage of the site, multiplying the dimensions (441.67 feet x 218.92 feet) yields a lot size of 96,690 square feet. PropertyShark calculates 90,500 square feet.

The land is valued by the city at $990,000.

That's under $11 a square foot. Such valuations near the Atlantic Yards site will become increasingly relevant if and when the arena block is assessed for the purposes of issuing tax-exempt bonds, especially given the example of Yankee Stadium.

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NoLandGrab: To make the numbers work for those bonds, the valuation of the land beneath the planned arena would have to be many, many times that of 470 Vanderbilt, which is just a stone's throw away.

Posted by eric at March 12, 2009 9:50 AM