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January 25, 2010
Is new subway entrance to arena block worth $50 million (as MTA claimed)? New mortgage doc says $28 million covers entrance plus Carlton Avenue Bridge
Atlantic Yards Report
Among the voluminous documents that were part of the Atlantic Yards master closing, first made available today, is a mortgage agreement by the Empire State Development Corporation, as mortgagor, to the city of New York, as mortgagee.
The agreement casts significant doubt on claims in court by the Metropolitan Transportation Authority (MTA) that new subway entrance connecting to the Atlantic Yards arena block is would cost $50 million to build, since it requires the Atlantic Yards developer to pay only $28 million for both the subway entrance and the reconstruction of the Carlton Avenue Bridge.
Alternatively, it suggests that, if the developer walks away, the promised new subway entrance and bridge reconstruction would cost significant additional amounts of public funds.
Posted by eric at January 25, 2010 8:58 PM