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June 22, 2009

New Agreement Expected on Atlantic Yards Project

WNYC Radio
by Matthew Schuerman

About a year ago, Ratner said he couldn't afford that deal any more. He's offered a slimmed down rail yard and a down payment on the $100 million up front, with the rest coming later.

The MTA didn't have any good choices: it could reject the offer, but then it would have to find another buyer for those air rights in the middle of a recession. And in the process, it would upset Mayor Bloomberg and the coalition of construction workers and others who support the project.

link

NoLandGrab:Something tells us that with just a smidgen of effort, the MTA could find a developer (or developers) willing to put down a heck of a lot more than $20 million for the Vanderbilt Yard.

And upsetting the Mayor and construction workers and other project supporters? What about all the transit-riding public, who get stuck with big fare hikes, service cuts and a deteriorating system in return for Bruce Ratner's bailout?

Posted by eric at June 22, 2009 12:42 PM