« Gehry or not, Brooklyn needs this arena | Main | Brooklyn Paper, fulfilling predictions after Murdoch sale, endorses Gehry-less arena »
June 12, 2009
What could $20 million buy? Apparently a smaller plot in Sheepshead Bay
Atlantic Yards Report
While Forest City Ratner is desperately trying to convince the Metropolitan Transportation Authority to accept $20 million up front for the arena-portion of the Vanderbilt Railyard, instead of the full $100 million, Norman Oder is attempting to put things in perspective by exploring what $20 million will buy you these days.
In November 2007, according to the Real Deal:
White Plains-based developer Arcadia Realty Trust bought a two-acre site in Sheepshead Bay last November for $20 million with plans to build a mixed-use project with 300,000 square feet of retail space.
...Is this "great piece of real estate," to quote Forest City Enterprises CEO Chuck Ratner, really worth less per acre than a couple of acres in Sheepshead Bay where a much smaller project is destined?
NoLandGrab: Interestingly, while the Ratners are trying to low-ball the up-front payment to the MTA, the property valuations for other land in the arena site are skyrocketing. This move is in anticipation of the triple-tax-exempt bond offering, the size of which is tied to the value of the land.
Posted by lumi at June 12, 2009 5:04 AM