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May 29, 2009
Atlantic Yards Developer Tries to Stiff MTA – Again
Ratner demands another discount from broke transit agency
NBC New York
by Caitlin Millat
The ever-dwindling Atlantic Yards housing and arena project hit a new hurdle this week as developer Bruce Ratner asked the cash-strapped MTA to accept a mere $20-million down payment on the already discounted $100-million price for the stretch of state land.
The MTA could decide as early as tomorrow whether Ratner should be allowed to pay the $20 million down payment for the Vanderbilt Yards, the land on Atlantic Ave. between Flatbush and Vanderbilt Aves, the Daily News reported.
Ratner's $100 million initial proposal -- which came earlier this year [NoLandGrab: actually, it was in 2005] -- was only half of the appraised $214.5 million value of the property. If Ratner's given permission to pay the $20 million down, it would be less than ten percent of the land's appraised worth as a down payment.
It was unclear how and when the MTA would vote on Ratner's proposal -- the next board meeting isn't until June.
NLG: We have to say, it’s kinda refreshing to see a mainstream media outlet calling a spade a spade in its Atlantic Yards coverage.
Posted by eric at May 29, 2009 7:51 PM