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March 28, 2011

Behind the Bloomberg administration's CityTime scandal: budget director Mark Page (who helped steer the revision of Forest City Ratner's MTA deal)

Atlantic Yard Report

Mark Page, the Bloomberg deputy most responsible for the CityTime scandal, has a bit of Atlantic Yards history.

Page, it should be remembered, was one of the two Bloomberg appointees on the board of the Metropolitan Transportation Authority who pushed hard against any skepticism toward Forest City Ratner's requested June 2009 revision of the September 2005 deal for Vanderbilt Yard development rights, allowing the developer to save on upfront cash and a smaller replacement railyard.

As I wrote 6/25/09, as for the last-minute character of the deal, which had been aired only two days earlier, Page claimed unrealistically that, because MTA staff had been busy working on the deal, “it’s not as though it’s something that’s been dropped in our laps suddenly to consider.”

“I think that realizing value from railyard property that we own is something that we have learned over the last number of years, much of which has been in a boom real estate cycle, is extraordinarily difficult,” Page said. “Because we require the railyard function... we’re selling the space above it. To have an opportunity to actually realize value for the space above our land requires a tremendous upfront investment by the buyer to actually build the platform, an upfront, major investment before the buyer can then move on.”

However, I pointed out, there's no obligation that Forest City Ratner build the platform on the majority of the Vanderbilt Yard site.

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Posted by eric at March 28, 2011 10:41 AM