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June 23, 2009
What could $20 million buy? Only a little more than this small Lower East Side site
Atlantic Yards Report
The day after the Metropolitan Transit Authority Finance Committee rubber-stamped the $20M cash-up-front deal for the arena portion of the Vanderbilt Railyard with Atlantic Yards developer Bruce Ratner, watchdog Norman Oder continues his series examining what $20M will get you on the open market.
From the Fourth Quarter 2008 Massey Knakal Sales Journal:
A 91’ x 75’ development site at 154 Delancey Street on the Lower East Side of Manhattan was sold by Massey Knakal Realty Services in an all-cash transaction valued at $15,750,000. The property is located on the north side of Delancey between Clinton and Suffolk Streets. Based on the C6-2A proposed zoning (current zoning is C6-1), it contains approximately 47,706 buildable square feet.
...
The segment of the Vanderbilt Yard at issue is 495' x 200', or 99,000 square feet, some 14.5 times larger than the Lower East Side site. If you multiply the Upper East Side price by 14.5, it comes out to $228.4 million.
NoLandGrab: Bruce Ratner knows that only poor suckers buy property on the open market and secure private financing to develop it.
Posted by lumi at June 23, 2009 5:15 AM