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June 21, 2009
What could $20 million buy? Not even three of these tiny buildings in LIC
Despite public benefits that are being pushed far into the future, the MTA is preparing to give Bruce Ratner a sweetheart deal for the Vanderbilt Yards. This is one of a continuing series.
The segment of the Vanderbilt Yard at issue is 495' x 200', or 99,000 square feet, more than eleven times larger than the Long Island City site, which is 8664 sf. If you multiply the LIS price by eleven, it comes out to $85 million.
The LIC site only supports only 73,008 buildable square feet. The Atlantic Yards arena block, of which this segment (Block 1119, Lot 7) would be at least a third, would support an 800,000 square foot arena and at least 1.5 million in development rights, according to the City Funding Agreement. (The towers on the area block, as approved, were supposed to contain 2.69 million square feet.)
Posted by steve at June 21, 2009 5:44 AM