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June 16, 2009

What could $20 million buy? A Manhattan site for a 46,000 square-foot building

Atlantic Yards Report

WW$20MB? Norman Oder is finding that $20M doesn't get you much on the open market in and around NYC, certainly not development rights on a "great piece of real estate," to quote Charles Ratner.

From the 10/3/08 Real Deal:

Chelsea development site asking $20 million
A three-story, 27,600-square-foot commercial building at 537-543 West 20th Street is on the market with an asking price of $20 million. The site, located between 10th and 11th avenues, has 100 feet of frontage and lies in a split zoning of M1-5 and C6-3. This allows for a 46,000-square-foot office, hotel or gallery development. Bermuda Limousine Corporation occupies the space but will relocate, and the building will be delivered vacant.

That's a much, much smaller development than that planned for the segment of the railyard.


NoLandGrab: The point is that if the Metropolitan Transportation Authority accepts developer Bruce Ratner's offer to pay $20M up front for the development rights for the arena portion of the Vanderbilt Railyard, it would be another sweetheart deal for Ratner.

Brooklyn Daily Eagle, LOCAL INTELLIGENCE, June 15, 2009
Yesterday's Eagle round-up of stories in the blogosphere carried another installment of Oder's series about other ways to blow $20M:

Forest City Ratner wants to pay just $20 million to the Metropolitan Transportation Authority for the portion of the Vanderbilt Yards it needs to build the Atlantic Yards arena, says Atlantic Yards Report. (It initially promised to pay $100 million for the whole rail yard.) Comparison: Forest City Enterprises/Bruce Ratner are scheduled to pay star guard Vince Carter $16.1 million next year alone.

Posted by lumi at June 16, 2009 5:09 AM