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June 15, 2009

What could $20 million buy? A warehouse in the Bronx

Atlantic Yards Report

Would the Metropolitan Transportation Authority be getting a raw deal if it agreed to Atlantic Yards developer Bruce Ratner's offer of $20 million up-front for the development rights for the arena portion of the Vanderbilt Railyard. To get a sense of what $20 million is worth these days, Norman Oder has been running a series on what $20 million will buy you these days.

From the 6/10/09 LoHud.com: NAI Friedland Realty, a commercial real estate firm based in Yonkers, said that it recently helped complete one of the largest real estate sales of the year in the Bronx. The 144,000-square-foot Paradise Foods warehouse at 1080 Leggett Avenue in the Hunts Point area of the Bronx has sold for $20 million. Manhattan Beer Distributors purchased the 4.9-acre property from Paradise Foods.

That's a little more than twice as much acreage as the section of Vanderbilt Yard at issue, but the warehouse is much smaller than the development planned for the segment of the railyard.


Posted by lumi at June 15, 2009 5:25 AM