August 1, 2008
The MTA’s un-fare-ness
The Brooklyn Paper
Atlantic Yards gets a dishonorable mention in this week's Brooklyn Paper editorial on the competency deficit at the Metropolitan Transportation Authority.
The MTA sells its assets on the cheap to hand-picked developers and cronies of its well-connected board members rather than selling them on the open market. Atlantic Yards, of course, is the most egregious example of this, with the MTA selling the air rights over its Vanderbilt Rail Yards to Bruce Ratner for $100 million less than its appraised value.
Posted by eric at 9:31 AM
July 30, 2008
Typo? City/state letter on tax-exempt bonds backdates MTA RFP by three years
Atlantic Yards Report
Maybe it's just a typo. Maybe it's a calculated slip. But there's another misleading element in a letter that, as I and Develop Don't Destroy Brooklyn have contended, deserves serious scrutiny.
The 5/8/08 letter to the Internal Revenue Service and U.S. Treasury Department from the New York City Industrial Development Authority and the Empire State Development Corporation backdates the issuance of the Metropolitan Transportation Authority's request for proposals (RFP) for the Vanderbilt Yard by three years, to 5/24/02.
The MTA's RFP was issued on 5/24/05.
...What's the value of the 2002 date, compared to 2005? Well, maybe it's none, given that 2005 still would fall well before the October 2006 cutoff.
Then again, a 2002 date suggests that momentum for the project--which the letter says commenced in 2003--reached back even earlier.
Also, the 2002 date avoids potential consternation should regulators wonder why, if the project began in 2003 and the MOU was signed in February 2005, the Vanderbilt Yard was put out for bid only in May 2005.
That sequencing issue has been at the heart of the AY federal eminent domain case, which was dismissed by a district and appellate court and refused a Supreme Court hearing--but was never really addressed by the courts.
NoLandGrab: Typo or obfuscation? We don't know, but we do know that once the tale-telling starts, it gets easier to do it again and again, and it's been going on with Atlantic Yards since about "May 24, 2002."
Posted by eric at 8:12 AM
July 23, 2008
So Soon? Fares and Tolls Rise in M.T.A. Plan
The NY Times
By William Neuman
The Metropolitan Transportation Authority will propose a substantial increase in transit fares and bridge and tunnel tolls next year to help close a widening budget gap of nearly $900 million, according to an official at the authority.
Though the precise amount of the fare and toll increase has yet to be determined, the authority will seek to increase the revenue it gets from those sources by 8 percent. If approved by the authority’s board, the increase would take effect next July and would follow a toll and fare increase in March of this year.
In the more than 100-year history of the subway, the fare has gone up in consecutive years only once before, in 1980 and 1981.
NoLandGrab: Meanwhile, Bruce Ratner's bid for the Vanderbilt Railyards is still $114.5 million below the MTA's own appraisal and $50 million less than the bid submitted by Extell — go figure.
Posted by lumi at 7:48 PM
Hudson Yards: Review of Development Proposal Designs
Noticing New York
Blogger Michael D.D. White contrasts the Yards Hudson and Atlantic, and the results aren't pretty.
Interestingly, the MTA is NOT maximizing the sales price of the land it is selling in the parallel example of Atlantic Yards. Rather than raise more money for capital or operating expenses the MTA is selling its property to the Atlantic Yards developer at a substantial write-down and collecting far less (hundred’s of millions less) than it could. In the case of the Atlantic Yards site the density of the site is being maxed out to an inappropriate degree, but the real estate value of that extra density that is being created with this maxing out is being given to the Forest City Ratner as the developer of the site rather than being captured by the MTA as in the case of Hudson Yards. (See: Friday, June 27, 2008 “No-property-tax status was supposed to raise the price of the Vanderbilt Yard”)
One last thing on Atlantic Yards, vis-a-vis Hudson Yards: The participation of City Council Speaker Christine Quinn and the other above named political representatives in the Hudson Yards Community Advisory Committee letter on Hudson Yards reveals where Speaker Quinn and the others should stand on the Atlantic Yards. They no doubt know this. There are many parallels between the proposed Hudson Yards and Atlantic Yards projects so that criticisms of Hudson Yards, which is a relatively good project (a high density project in a high density neighborhood), also apply to Atlantic Yards. At the same time, all the ways in which Atlantic Yards is different from Hudson Yards make Atlantic Yards a substantially worse project, probably the worst project being proposed in the City right now.
Posted by eric at 3:25 PM
July 17, 2008
With Threat of Fare Hike, More Ideas for MTA to Save
The Knickerblogger
How can the MTA demand a fare increase when they are giving money away to billionaires like Bruce Ratner - in down turned economic times, no less?
Posted by lumi at 4:40 AM
July 6, 2008
The corner of Atlantic and Flatbush avenues, circa 1845
Atlantic Yards Report
This is a look back at documents and photos of how the Vanderbilt Yards came into existence. A "must read" for train nerds, and a pleasant look at historical online resources.
Check out this post on Whitman's Brooklyn for a look south on Flatbush Avenue crossing Atlantic Avenue. A contemporary photo is below, showing the P.C. Richard/Modell's complex, aka Site 5, the southwest corner of the Atlantic Yards site.
You might wonder: why was the train continuing, rather than stopping at an Atlantic Avenue terminus? Well, according to this LIRR history site, the rail line actually started at the East River. Here's some more history from Arrt's Arrchives, plus a look at the Vanderbilt Yard, aka the Carlton Avenue Freight Yard and Vanderbilt Avenue Freight Yard.
NoLandGrab: Sometimes Atlantic Yards supporters like to refer to the Vanderbilt Yards (which comprise about one-third of the proposed Atlantic Yards Development) in terms like "a hole in the ground." This is generally meant to convey the idea that the entire area is blighted. Here's a reminder that there is a working rail yard there. Any blight in the neighborhood is now courtesy of demolitions by Bruce Ratner.
Posted by steve at 7:32 AM
June 27, 2008
No-property-tax status was supposed to raise the price of the Vanderbilt Yard
Atlantic Yards Report
There's another obscured benefit for Forest City Ratner in the bid for the Metropolitan Transportation Authority's Vanderbilt Yard. In its September 2005 report on Atlantic Yards, the city's Independent Budget Office (IBO) stated:
IBO’s estimate of new property tax revenue lost to the arena PILOT does not include a loss of property taxes for the MTA land that would be part of the arena building foot print. The city currently receives no tax payment from the MTA for the rail yard because the MTA, like other state entities, is exempt from local property tax. Under the MTA’s Request for Proposals, any developer acquiring the development rights to the site would probably enter into a long-term lease, leaving the MTA in place as the owner. Therefore, the property would likely remain off the city’s tax roll, resulting in no impact on the city budget. Indeed, the MTA has an incentive to make a deal that maintains the tax exemption in order to maximize the price it receives for the development rights.
(Emphasis added)That hardly happened. Forest City Ratner paid $100 million in cash, and values its total bid at $379.4 million, though that's questionable. Meanwhile, the developer expects tax breaks worth $800 million, as tax-exempt bonds are repaid by PILOTs (payments in lieu of taxes).
It doesn't sound like the MTA maximized much.
NoLandGrab: Not true! They appear to have maximized the sweetness of the deal for Forest City Ratner. Meanwhile, taxpayers and transit riders can expect MTA service cuts — and fare hikes.
Posted by eric at 9:47 AM
April 29, 2008
Congestion pricing failure may delay BRT; Flatbush route not yet on the agenda
Atlantic Yards Report
The failure of congestion pricing threw a bit of a wrench in the city's plans for Bus Rapid Transit (BRT), suggested as one solution to congestion on Flatbush Avenue, but now apparently several years away.
Though Flatbush is an obvious candidate for such service--which would have a dedicated express lane, fewer stops, offsite payment and "honor system" entrance (subject to random check), staggered stoplights, and back boarding, according to the city's pilot in the Bronx--another obvious candidate, Nostrand Avenue, was selected in 2006 for one-per-borough pilot project. It looks to be about four years away, however.
...
A PlaNYC "scorecard" clarifies that the other four SBS services are planned to be introduced by 2011. That's likely too late to start up a Flatbush Avenue version by 2010, the unreliable official target date for opening the Atlantic Yards arena, or even 2011, which I consider the likely best-case scenario.In fact, the Metropolitan Transportation Authority contradicts the PlaNYC document, estimating on its SBS FAQ page that the Nostrand Avenue route would be implemented in 2012. Though that's subject to change, it's a good bet that a Flatbush Avenue route would be at least a year after that.
Would that be in time for an AY arena? Then again, developer Forest City Ratner has six years--after the close of litigation and the transfer of property via eminent domain--to build the arena without penalty.
Posted by lumi at 5:22 AM
NYC building boom won't peak for 2-3 yrs -panel
The Guardian
By Joan Gralla
New York City's building boom will not top out until 2010 or 2011 despite the ailing economy because so many billion-dollar public and private projects are under way, a panel said on Monday.
Wall Street is the sun around which the city's economy revolves, but private developers and public agencies have planned $51 billion of projects over the next four years, according to the blue-ribbon panel's report for New York state's Metropolitan Transportation Authority.
With contractors and skilled workmen in short supply and the prices of steel, concrete, copper and other materials spiraling higher, the state agency convened the panel to find ways to cut costs to avoid having to delay or reduce projects.
...
So far, Brooklyn's Atlantic Yards development, which includes a new basketball stadium for the Nets, is the only project that has said it probably will take longer to finish than first thought because of the sagging economy.
Posted by lumi at 5:01 AM
April 24, 2008
MTA head "concerned" about $100M owed by FCR; developer says first tower residential
Atlantic Yards Report
Norman Oder tuned in to the MTA's "webinar" and provides some coverage and analysis and parses Forest City Ratner spokesperson Loren Riegelhaupt's response to The NY Observer:
The Observer's report also quoted FCR spokesman Loren Riegelhaupt, who stated that the first building to open, along with the arena, would be residential. That means that Building 1, aka Miss Brooklyn, remains on hold until an anchor tenant is found, as the New York Times first reported last month. It also means that, unless certain parts of Building 1 are completed, the arena would open without the Urban Room, the atrium that would serve as a combination building lobby, arena entrance, subway entrance, retail/restaurant space, and public gathering space.
Posted by lumi at 5:34 AM
MTA Chief 'Concerned' About $100M Owed for Atlantic Yards
The Real Estate Observer
By Eliot Brown
Metropolitan Transportation Authority executive director Lee Sander seems a bit uncertain about the $100 million that developer Forest City Ratner owes the agency for Brooklyn’s Atlantic Yards project. He had this to say earlier this month in a capital program “webinar” (no, we don’t quite know what that word is either), responding to a question about the MTA’s current capital plan:
There is $100 million associated with the sale of Atlantic Yards, and many of you have read in the newspapers some of the difficulty Forest City is having with that development, so hopefully that will proceed, but we want to make sure that that happens—but we’re concerned about that.
A spokesman for Forest City, Loren Riegelhaupt, said the $100 million would indeed go to the MTA later this year, once the company closes on the deal.
Posted by lumi at 5:29 AM
March 29, 2008
On Hudson Yards plan, Times hails "real bidding process"
Atlantic Yards Report
From a New York Times editorial yesterday on the Metropolitan Transportation Authority's plan for the Hudson Yards, headlined Finally, a Vision for the West Side:
The M.T.A., we are pleased to say, conducted a real bidding process. That was a refreshing change from years past when it looked as though the yards might be given away in a back-room deal. It would take a lot more vigilance and transparency to ensure that the new Hudson Yards work for all New Yorkers.And when did the Times editorialize about the not-so-real bidding process for the MTA's Vanderbilt Yard in Brooklyn, a process that began 18 months after the city and state announced their backing for Forest City Ratner's plan?
Posted by amy at 11:23 AM
March 28, 2008
Take back the rail yards!
The Brooklyn Paper, Editorial
The Brooklyn Paper calls for a complete "do over:"
The news that Atlantic Yards developer Bruce Ratner has abandoned his plan to build most of the 16-skyscraper arena, office and residential project is no surprise to anyone who has been paying attention to this ongoing city- and state-subsidized debacle.
The project was always too big, too reliant on public subsidies and too much a betrayal of sound urban planning to ever be built.
Ratner now blames the souring of the economy as the reason for his failure to get Atlantic Yards done — but our current economic malaise is not entirely to blame; indeed, Ratner was unable to secure an anchor tenant for his Frank Gehry–designed Miss Brooklyn tower going back to 2003, when the economy was booming.
...
More important, we are troubled by new state documents that show that Ratner could leave the rest of the 22-acre site vacant for decades, thereby creating the urban blight that state officials said he would eliminate.The state must not let him. The state must take back the development rights over the rail yards and put them out for bid. Doing so would not only cleanse state officials of the Original Sin of Atlantic Yards (namely selling Ratner the air rights for $100 million less than their appraised value), but it would also set right Bruce Ratner’s very wrong project.
Posted by lumi at 5:44 AM
News analysis: The Times gives the ESDC a bye
Atlantic Yards Report
Norman Oder oderizes The Times's coverage of the Hudson Yards deal:
A New York Times News Analysis today of the West Side Yards deal, headlined :For Railyards, the Hard Part Is Still Ahead, leaves out some important Atlantic Yards context:
In the end, the project could take well over a decade to complete, and its look could change significantly from the current designs by Helmut Jahn and Peter Walker.
In Brooklyn, the developer Bruce Ratner has already acknowledged that his $4 billion Atlantic Yards project will take longer than the 10 years originally envisioned.
First, the Times should have pointed out that, not only has Ratner acknowledged that the project would take longer than ten years, others in his firm and outside observers had been making the same observation, and that the Empire State Development Corporation (ESDC) has given some generous deadlines: 6+ years to build the arena, 12+ years to build the first five towers, and an unspecified amount of time to build the rest.
Also, whatever Yaro says applies equally well to Atlantic Yards. If built, it will change significantly from Frank Gehry's renderings.
Posted by lumi at 4:48 AM
March 26, 2008
Tishman Speyer wins Hudson Yards bid
Tishman bid $1.004 billion for rights to the plot, $112 million higher than the offer from The Durst Organization and Vornado Realty Trust.
Crain's NY Business
by Theresa Agovino
In a reversal of its own sullied tradition, the Metropolitan Transportation Authority today awarded the Hudson Rail Yards to the highest bidder, real estate developer Tishman Speyer.
Tishman Speyer edged out three other development teams to win the fierce competition to develop the Hudson Rail Yards, the 26-acre site on Manhattan’s far West side that is envisioned as an extension of midtown’s business district.
Tishman Speyer bid $1.004 billion for the rights to the plot, where it plans to build 10 million square feet of office space and 3 million square feet of housing while leaving 13 acres of open space. Its offer was $112 million higher than a competing offer from a joint venture of The Durst Organization and Vornado Realty Trust. That group had lined up Condé Naste Publications as a tenant and its proposed 6.4 million square feet of residential space was the most offered by any developer.
It is expected to cost $1.5 billion to build a platform over the train tracks so construction can begin.
NoLandGrab: How is this railyard deal different from Bruce Ratner's railyard deal? Let's see: high bidder chosen rather than low bidder; $1 billion in midst of failing real estate market vs. $100 million in midst of real estate bubble; city rezoning vs. state override; no eminent domain vs. eminent domain abuse.... Need we go on?
More coverage:
City Room (The New York Times), M.T.A. Votes to Sell West Side Land Rights to Tishman Speyer
The project still faces several prospective hurdles. The $1,004,000,000 deal requires the completion of an agreement over the next 14 days specifying terms and conditions of the deal, and the signing of a formal contract. The slowing economy has prompted some developers, like Bruce C. Ratner, to consider delay the schedule for major developments like the Atlantic Yards project in Brooklyn. And a portion of the rail yards of the Far West Side that would be controlled by Tishman still must undergo a rezoning process that could take up to 18 months.
Curbed.com, Yardsmania: It's Official!, Yardsmania: OK, So Now What?
The Real Estate, Tishman Speyer Win Not Quite Official
AP, via The International Herald Tribune, Developer Tishman Speyer to build skyscrapers, apartments on New York City waterfront
Posted by eric at 2:25 PM
February 10, 2008
Better Know a Developer: Extell Development Company
Railyards Blog
Extell, formerly Intell Management and Investment Co., has been an NYC real estate player since 1994, although their profile has heightened considerably in the last few years, especially since their name change in 2005. They are steered by CEO Gary Barnett, a former diamond merchant.The company notably attempted to play the spoiler during the bid process for Atlantic Yards redevelopment in Brooklyn, submitting a proposal that — unlike competitor Forest City Ratner’s controversial, ultimately adopted plan — would not have required the usage of eminent domain, or have included a stadium for the NBA’s Nets. The Real Deal offers a pretty good rundown on the company here.
Posted by amy at 9:32 AM
February 5, 2008
MTA cop tries to stop videographer at Atlantic Yards site
Atlantic Yards Report
This past Sunday in Brooklyn was unusually warm. It was a nice day to go out and shoot some video, unless your camera was pointed at the Vanderbilt Yards.
Videographer Katherin McInnis teaches video and photography in San Francisco and is visiting Brooklyn on sabbatical. She told Norman Oder of her encounter with an MTA officer (Video still by Katnerin McInnis).
He attempted to confiscate her camera, questioned whether she was part of an anti-AY organization, and more than once reminded her that the project was proceeding, according to her account.
McInnis plans to file a complaint. Meanwhile, Oder is trying to get the MTA's side of the story.
I called the MTA public affairs office early yesterday afternoon and outlined the incident, as recounted by McInnis, named the officer, asked if there was an incident report, and asked for the MTA policy. I didn't get a response by the end of day, but when one is forthcoming, I’ll add it.
NoLandGrab: In case the MTA doesn't get around to it, NoLandGrab sends a hearty "Welcome to Brooklyn and Prospect Heights" to Katherin McInnis. Also, thanks for helping to remind us camera bugs of our rights.
Posted by steve at 5:30 AM
January 30, 2008
Ravitch: MTA obfuscates full cost of West Side Rail Yards project
Atlantic Yards Report
During a panel discussion last night, Richard Ravitch, former chairman of the Metropolitan Transportation Authority, criticized how the MTA is going about planning for the Hudson Yards project and the West Side Rail Yards.
Norman Oder was there, and he applies Ravitch's criticism to point out shoddy practices in allocating civic resources for Atlantic Yards:
Imagine if someone like Ravitch had blown the whistle on the "extraordinary infrastructure" loophole in the Atlantic Yards Memorandum of Understanding, which opens the door for increased public spending. Imagine if anyone with civic responsibility beyond some Brooklynites criticized the Bloomberg administration for more than doubling its announced pledge of $100 million to support Atlantic Yards.
Oder also speculates as to how long it might actually take to build Atlantic Yards, based on estimates for the West Side rail yards:
Juliette Michaelson, Senior Planner, Regional Plan Association, suggested that the rail yards will take "two or three decades to be built out."
Given that the project would involve about 12 million square feet of development, as opposed to 8 million square feet for Atlantic Yards, a rough extrapolation suggests that AY would take not the announced decade but 14 to 20 years to build--which is what even those associated with the project acknowledge in unguarded moments.
Posted by steve at 6:32 AM
December 19, 2007
MTA to hike fares, amount Ratner to pay for railyards unchanged
 |
Subway riders will be paying more for unlimited ride Metro cards, yet meanwhile, Atlantic Yards developer Bruce Ratner's $100-million lowball bid for the Vanderbilt Railyards stands. The NY Times's City Room blog reports: After an unusually vigorous and spirited debate, the board of the Metropolitan Transportation Authority voted at 10:50 a.m. today to raise fares on subways, buses and commuter railroads and tolls on bridges and tunnels. NoLandGrab: The debate was "unusually vigorous," considering that the MTA board decided on the sale of the railyard to Ratner and prepped a press release before debating and taking a vote. More from City Room: The base subway and bus fare will remain $2, but an overwhelming majority of riders — who use unlimited-ride MetroCards or get a discount for buying multiple rides at once — will have to pay more, starting on March 2. The costs of unlimited-ride cards will rise to $81 from $76 for the 30-day card and to $25 from $24 for the 7-day card; a new 14-day card will be sold for $47. |
Posted by lumi at 8:05 PM
December 12, 2007
It came from the Blogosphere...
Queens Crap, Doctoroff reflects
"Crappy" reacts to Deputy Dan's love of ULURP (NYC's local land use review process):
ULURP is a joke, Dan. Deals are "done" before they even get to the community board level. That's probably why you're such a big fan of it.
not another f*cking blog, dysfunctional
"Atlantic Yards" is among the litany of reasons the MTA is dysfunctional:
then there's the fact that they've practically given away the rights to develop over the Vanderbilt Yard in Prospect Heights Brooklyn for the proposed Forest City Ratner Atlantic Yards project. that's 100's of millions of dollars that could have been used to avoid a fare hike. unfortunately, Atlantic Yards isn't the first (and, i fear) not the last time that the MTA did not get fair market value for some very rare and valuable real estate. it appears that the MTA is trying to atone for their Atlantic Yards sins by handling the development over the Hudson Yards in Manhattan in what seems to be a rational, functional and considerate fashion. only time will tell, though.
Curbed, Change of Heart
Actually, what [Deputy Mayor Dan Doctoroff] says is "If it happened again, and the state were to ask" he'd encourage it not to do an end run around the city.
NoLandGrab: In hindsight, running the ball straight up the middle would have given Ratner more pr cover and probably shaved a few months off the process.
The Knickerblogger, Passenger Ships Didn't Have Lifeboats Before the Titanic, Why Have Them Now?
"Knickerblogger" considers the Empire State Development Corporation's (ESDC) brush-off of calls to deal with security concerns for Bruce Ratner's arena plan, and the agency's screwed up logic.
NoLandGrab: Though we're pretty sure that passenger ships DID have life boats before the Titanic, according to the ESDC's thinking, drivers don't really need that extra stuff like seatbelts and airbags.
Posted by lumi at 5:02 AM
December 10, 2007
Lottery? ACORN's Partner Ratner Has MTA's Money
Develop Don't Destroy Brooklyn
While ACORN's Bertha Lewis jokes about her $115 million MegaMillions-jackpot plan for staving off MTA fare hikes, DDDB points out that the MTA left that same amount on the table when it agreed to sell the Vanderbilt Yard to developer Forest City Ratner for $114.5 million less than what its own appraiser said the land was worth.
NoLandGrab: As Bruce Ratner well knows, it helps to be the only one really in it to win it.
Posted by lumi at 2:15 PM
November 21, 2007
Public input sought! A stop at the West Side yards storefront gallery
Atlantic Yards Report
Norman Oder the Mad Overkiller "wandered" over to the exhibit of Hudson Yards proposals:
Last night I wandered over to the corner of 43rd and Vanderbilt Avenue to see the storefront exhibit set up by the Metropolitan Transportation Authority (MTA) featuring scale models, videos, and other information provided by the five bidders for the Hudson Yards (aka West Side yards) development project.
Frankly, given the information available, it's almost impossible for a layperson to sort through the proposals. Someone should produce a matrix comparing key aspects of the project. Also, though it may have been because I stopped by late in the day, there were only two handouts, such as the brochure unfolded below from Brookfield Properties.
Snark aside, here's the point:
Still, the fact that public opinion is being solicited before a developer is anointed offers a distinct contrast to the sequence involving the Atlantic Yards project. And a layperson can at least offer an opinion about the general design of each proposals.
That doesn't mean the MTA will listen to comments offered in the brochure pictured above, or that public input will truly shape the project. Or that these massive projects are the best alternatives. Then again, the developers responded to a lengthy Request for Proposals, far more detailed than that belatedly issued for the MTA's Vanderbilt yard 18 months after Forest City Ratner's project for that property was endorsed by the city and state.
In other words, in comparison to the sequence involving Atlantic Yards, anything that suggests more transparency inevitably looks somewhat better.
Posted by lumi at 5:27 AM
November 20, 2007
What's right with this picture? For West Side yards, the market speaks
Atlantic Yards Report
What a difference a few years make. The city's market-driven effort to develop the Metropolitan Transportation Authority's West Side yards continues in blinding contrast to its fait accompli with the MTA's Vanderbilt Yard in Brooklyn.
Four years ago, the city announced its support of a deal for the 22-acre Atlantic Yards project over and beyond the railyard; crucially, the latter would occupy less than 40 percent of the site. The New York Times offered further anointment with a rapturous review (A Garden of Eden Grows in Brooklyn) by architecture critic Herbert Muschamp.
But, hey, that's no way to develop railyards, is it? PlaNYC 2030 says there should be much more community consultation. Real estate usually generates a better deal when there's an open bidding process. And the design of megaprojects generally improves when there's a detailed request for proposals and an opportunity for the public and interested parties to weigh in.
So today it was big news that five developers had released their plans for the Hudson Yards.
Norman Oder explains how the response to develop the Hudson Yards:
- contradicts legal arguments made by the Empire State Development Corporation,
- is being handled differently by the media, and
- is free and open to the public for viewing.
NoLandGrab: Is it just us, or is anyone else thinking that Forest City didn't submit a bid for the Hudson Yards because it WASN'T a backroom deal?
Posted by lumi at 6:15 AM
November 19, 2007
A "Speaking" Market and a Gagged Market
From Develop Don't Destroy Brooklyn's response to the latest news on the Hudson Yards Request for Proposals (RFP):
Yes, the MTA issued a legitimate RFP and has reeled in five legitimate proposals..."the market speaking." That came after the demise of the Jets' stadium, which of course never involved an RFP.
As we know, the 8.3 acre Vanderbilt rail yards in Brooklyn were "put up for bid" when the MTA issued a sham RFP in May 2005, ending in granting the development rights to the low bidder--Forest City Ratner.
The sham RFP process was undertaken in such a way precisely to eliminate the market from speaking in such a way that Deputy Mayor Doctoroff celebrates today on the west side.
Click here to read the rest of the response, including a list of what might have been if the Metropolitan Transportation Authority (MTA) had issued a serious RFP for Brooklyn's Vanderbilt Yards.
Additional:
NY Post, THE NEXT 'WEST' THING
amNY, Possible plans for Hudson Yards unveiled
MetroNY, Five visions for new West Side
NY Daily News, Five companies bid to remake six blocks of Hudson Yards area
The NY Sun, Proposals for Hudson Yards Reach High, Green
Posted by lumi at 6:07 PM
October 9, 2007
About those Hudson Yards bids, and the Vanderbilt Yard flashback
Atlantic Yards Report
Anticipation over the deadline to submit bids for the development rights for the Metropolitan Transportation Authority's (MTA) Hudson Railyards in Manhattan has sparked a moment of reflection amongst Atlantic Yards watchdogs.
From Crain's New York Business:
About the only certainty as developers put the finishing touches on bids for the Hudson Rail Yards is that the offer, due Oct. 11, will top the $500 million that the city was willing to pay when it wanted to put a football stadium there. ...An appraisal commissioned last year by the MTA valued the yards at $2.74 billion. The agency plans another appraisal to account for current market conditions, but hasn't scheduled it yet.
Remember, the MTA's appraiser valued the Vanderbilt Yard in Brooklyn at $214.5 million. Some 18 months after Forest City Ratner was endorsed by the city and state political establishment to get the site, the MTA put it out for bids. Forest City bid $50 million in cash; the only other bidder, Extell Development Co., bid $150 million.
The MTA decided to negotiate exclusively with Forest City Ratner, which upped the cash component to $100 million. FCR argues that the total package should be analyzed; it valued the bid at $329.4 million dollars outside of the cash component.
(In the lawsuit challenging eminent domain, the complaint states that the MTA refused to answer technical questions from Extell; it's unclear whether that developer was able to present a complete package regarding railyard improvements. Perhaps we'll hear about that in the oral argument today.)
NoLandGrab: The record clearly illustrates that the MTA knows how to safeguard the public interest by maximizing the value of its real estate assets. The contrast between the disposition of the Hudson Yards and the Vanderbilt Yards in Brooklyn speaks for itself.
It would be interesting to find out how much developer Bruce Ratner paid for the development rights for the Atlantic Terminal Mall.
Posted by lumi at 8:10 AM
October 8, 2007
IMAGINE...
...what might have happened if the Metropolitan Transporation Authority (MTA) had issued a good-faith RFP for the Vanderbilt Railyards at Brooklyn's Atlantic Terminal?
Crain's, Deadline looms for rail yard bidders
About the only certainty as developers put the finishing touches on bids for the Hudson Rail Yards is that the offer, due Oct. 11, will top the $500 million that the city was willing to pay when it wanted to put a football stadium there.
Meanwhile, the MTA is grousing about not being able to fund the potential boost in ridership anticipated by Mayor Bloomberg's congestion pricing plan. Go figure...
The NY Times, M.T.A. Says Mayor’s Plan to Ease Traffic Will Cost $767 Million to Accomplish
Mayor Michael R. Bloomberg’s plan to ease traffic congestion by charging motorists who drive into the busiest parts of Manhattan would cost hundreds of millions of dollars for new bus and subway services and mass transit improvements to accommodate tens of thousands of new riders, transportation officials say.
The Metropolitan Transportation Authority, in a report to a commission created to evaluate the mayor’s plan, estimated that expanded transit service and capital improvements for city and suburban riders who would give up their cars to get into Manhattan over the next five years would cost $767 million.
Posted by lumi at 10:40 PM
September 22, 2007
Sunday is (belated) clean-up day on Pacific Street
Atlantic Yards Report
It's an idea whose time has come and Atlantic Yards opponents wishing to make a very good point could have jumped on it even sooner: if the government won't clean up the overgrown brush and other mess on Pacific Street next to the Metropolitan Transportation Authority's "blighted" Vanderbilt Yard, then it's time for citizens to do so.
...
The state puntedRemember, in comments last year on the Atlantic Yards Draft Environmental Impact Statement, several commenters criticized city agencies and the MTA for failing "to maintain the appearance of the rail yards and [ignoring] local residents when we requested such attention."
The response from the Empire State Development Corporation, in toto, ignored the issue of responsibility:
Chapter 1, “Project Description,” and Chapter 3, “Land Use, Zoning, and Public Policy,” describe in detail the present condition of the project site, including the Vanderbilt Yard.
Posted by amy at 8:24 PM
August 8, 2007
Closing the MTA Budget Gap
Daily Voice [The Village Voice blog]
By Michael Clancy
When the MTA announced looming fare hikes last month, it was noted here that the MTA's decision to let Bruce Ratner, the developer of the Atlantic Yards, have the Vanderbilt Rail Yards for $100 million was looking like a poor choice. The MTA's own appraisal valued the land at $214 million. And why give away land at a huge discount during a real estate boom with deficits looming?
Well, New York City Comptroller William C. Thompson, Jr. says he's crunched the MTA's numbers and identified enough potential streams of new revenue—$728 million—to close the gap for one year and narrow it in the next, and hopefully stave off a fare hike, at least, for a little while.
“There is no need for a fare increase in 2008,” Thompson said in the report,“Putting the Brakes on the Bus and Subway Fare: Options for Eliminating Fare Increases in 2008 and 2009.” “Before the MTA even begins to consider higher fares and tolls, the State and the City must provide additional funding to MTA New York City Transit that it is rightly owed."
NoLandGrab: Based upon his statements, you would think that NYC Comptroller Thompson would suggest that the MTA get top dollar for sale of public property. Interestingly, the Atlantic Yards supporter didn't add this suggestion to his list of things to do to stave off a fare hike.
More at Crain's NY Business, "Comptroller lambastes fare hikes."
In a report titled "Putting the Brakes on the Bus and Subway Fare," Mr. Thompson identified six sources of local revenue that could collectively generate $728 million annually for the MTA.
"We simply must look at any and all sources of revenue that can be applied to eliminate - or at least to minimize - any fare or toll increase in the immediate future," Mr. Thompson said.
Posted by lumi at 7:38 AM
July 27, 2007
Marty’s blind spot
The Brooklyn Paper
While the Brooklyn Borough President rails against a transit fare hike, he can't say enough nice things about the sweetheart deal between Bruce Ratner and the MTA (isn't that's OUR MONEY TOO?):
The Beep, a strong supporter of the Atlantic Yards project, put out an angry press release on Wednesday railing against a Metropolitan Transportation Authority plan to cover an expected $300-million deficit next year by hiking subway fares by 10 percent.
Here’s where the fancy footwork comes in.
Markowitz’s beloved Atlantic Yards project is largely being built over land that the MTA sold to Ratner in 2005 for a mere $100 million — $114 million less than the MTA’s own appraisal said the development rights were worth. In a truly open market, those rights might have even gone for more.
Not only did Markowitz not object to the MTA’s fare-busting giveaway, he loudly supported it, calling it “good for Brooklyn.”
Posted by lumi at 7:38 AM
July 26, 2007
MTA Gets Set to Raise Fares
The Villiage Voice
By Michael Clancy
When it comes to subway and bus fare increases, it isn't looking so much as a question of "if" but questions of "how much" and "when." Facing looming budget deficits, MTA executive director Eliot G. Sander said on Wednesday that the agency would seek to increase revenues from trains and buses, commuter trains, and bridge and tunnel tolls by 6.5 percent.
...
Not that an extra $100 million would solve the problem, but how's the MTA decision to let Bruce Ratner, the developer of the Atlantic Yards, have the Vanderbilt Rail Yards for $100 million looking these days? The MTA's own appraisal valued the land at $214 million—riders aren't get that discount.
NoLandGrab: We couldn't have said it better.
Here's some other local coverage about the MTA fare hike, none of which mention the fact that the MTA "negotiated exclusively" with Ratner to salvage his lowball bid, which was still the lowest bid when the deal was sealed:
NY Daily News, Look out for Regular Joes
Columnist Michael Daly explains:
If Eliot Mess [Spitzer] wants to make amends for smearing the Senate majority leader for using state helicopters, he could step in and devise a way to stave off a subway fare hike.
NoLandGrab: He could also regain some of his reformer cred by getting serious about Atlantic Yards.
The NY Times, Despite Surplus of $1 Billion, M.T.A. Says Increases Loom
MetroNY, Farebox hit
MetroNY, Striking a fiscal balance
From an interview with MTA chief Elliot Sander:
How much influence can riders expect to have at the hearings?
I previously served as a member of the Taxi & Limousine Commission. We heard input through the hearings process, and we significantly changed what we did when we increased the taxi fare. So I can point to specific examples where I have acted differently in response to public hearings. We also look forward to comments on the Web site — the plan is on the Web site (www.mta.info). When you look at things like the passenger report card that we put out, we’re trying to demonstrate a track record that we do listen. Sometimes we’re able to implement changes, sometimes not.
NoLandGrab: Atlantic Yards critics did not find hearings to be very productive or fruitful, especially when decisions are made behind closed doors and the MTA negotiated exclusively with Ratner.
amNY, MTA proposes fare hikes
While the MTA has been riding a real estate boom, which yielded a surplus of about $940 million last year, the agency predicts a deficit next year of $965 million, growing to $2.1 billion in 2011 -- if fares and tolls do not increase.
Posted by lumi at 7:32 AM
July 13, 2007
Early Steps in the Transformation of Hudson Yards
The NY Sun
By Eliot Brown
The State is planning on issuing a Request for Proposals (RFP) for development over the Hudson Yards:
The state is expected to invite developers to submit plans for up to about 12 million square feet of new commercial and residential development and a generous amount of open space — by contrast, Brooklyn’s $4 billion Atlantic Yards project is planned to have 8 million square feet — allowing for a giant new complex to sprout in a corner of the rapidly transforming Hudson Yards district.
NoLandGrab: "By contrast" the State of New York NEVER issued an RFP for the Vanderbilt Yards until after the "Atlantic Yards" project was announced.
Posted by lumi at 8:18 AM
June 28, 2007
Bloomberg on subways ("not that crowded"), Doctoroff, and 421-a
Atlantic Yards Report
The Mayor casts aside criticism about crowded subways and congestion pricing during an interview at a breakfast presented by Crain's New York Business. According to Mayor Bloomberg, the subways are crowded if you mind standing or are too lazy to get up earlier.
Norman Oder asked the Mayor what he thought about the 421-a reform bill passed last week by the State Assembly:
After his speech and the public interview conducted by David and Lehrer, Bloomberg took some questions from the press. I asked his views on the reform of the 421-a tax break passed by the State Legislature, specifically the expansion of the "exclusion zone" and the special break for the Atlantic Yards project.
In his answer, he ignored the Atlantic Yards question but simply said that the reform passed last December by the City Council struck the right balance.
Posted by lumi at 7:47 AM
June 27, 2007
It came from the Blogosphere...
Velvet Sea, Another Perspective on Atlantic Yards
Photographic evidence that Prospect Heights is NOT in Downtown Brooklyn.
Photos of the Brooklyn skyline taken from Williamsburgh provides additional perspective on Bruce Ratner's Atlantic Yards plan.
As you can see below, the [Williamsburgh Savings Bank] tower is a bit of a distance away from the downtown Brooklyn business core of highrises, seen just beyond the Williamsburg Bridge on the right hand side in this shot.
The Knickerblogger, ESDC Math= Adding 16000 residents and an arena won't affect subway capacity
...of course, as with everything else in Bruce Ratner's corrupt fantasy world, the reality is another story (four of the over crowded lines mentioned stop at Atlantic Avenue:
ANTI-EMINENT DOMAIN ABUSE ACTION
News of this afternoon's anti-eminent domain abuse demonstration and press conference at City Hall is spreading over the internet:
LOHO 10002, Important Events This Week
Wednesday, June 27, 1 pm
Steps of City Hall
Anti-displacement groups throughout the city join to protest eminent domain abuse, marking the second-year anniversary of the U.S. Supreme Court’s decision which allowed cities to use eminent domain to evict residents and destroy their homes to benefit a private development. Demonstration organized by Develop Don’t Destroy Brooklyn, the neighborhood group opposing Ratner’s Atlantic Yards development plan.
Brit in Brooklyn, Big Eminent Domain Rally at City Hall, Wednesday.
Historic Districts Council Newsstand, A Rally, a Letter and a Lecture - all to help save Brooklyn
News of the anti-eminent domain rally, a letter-writing campaign to Governor Spitzer and a lecture on PlaNYC in Brooklyn.
Posted by lumi at 6:35 AM
May 25, 2007
Prospect Heights has the ride stuff
NY Daily News
By Laura Albanese
Straphangers' paradise looks a lot like Prospect Heights.
The bustling locale was tops in the Brooklyn News' list for best commuter neighborhood - edging out downtown Brooklyn and Brooklyn Heights as the most rider-friendly place in the borough. The list is based on location, variety of available trains, rush-hour commute and regularity of service.
The designation is due largely to the Atlantic Ave. subway hub in Prospect Heights.
NoLandGrab: If the Daily News thinks the station is "paradise" now, how about if Atlantic Yards adds another 29,000 subway rides per day (see, NY Daily News, "Arena concerns hit home," March 2, 2004)?
Posted by lumi at 8:28 PM
May 22, 2007
Atlantic Yards Part Three: The Electric Car Shop
Nathan Kensinger made it down to the bowels of the Vanderbilt Yards again, and this time he brought along photographer Nate Dorr for backup.
Click here to check out the complete set of eerie post-apocalyptic photos from Part III of Kensinger's series on Atlantic Yards.
Underneath Atlantic Avenue is an abandoned "Electric Car Shop." Used to repair Long Island Railroad trains, it sits in the footprint of the Atlantic Yards development site, inside the Vanderbilt Railyards. Empty lunch rooms (below), abandoned offices, ransacked archives, all with the lights still on. The train yard and nearby tunnels are still in use by the Long Island Railroad, but this shop seems to have been empty for years.
From Dorr's flickr photostream:
What lies beneath the soon-to-be Atlantic Yards? Besides the LIRR tunnels, there's an extensive electric train workshop complete with long workspace, offices, and an eerie break room. As construction picks up, this space (besides the tracks themselves) will likely disappear completely, replaced by foundations and parking garages, so we decided bring the borrough a closer look before that happens.
Posted by lumi at 11:07 AM
May 21, 2007
Never mind, says NYCT: B63 reroute, Fifth Avenue closing won't happen as announced
Another Atlantic Yards Report scoop.
Never mind the B63 reroute, we were just taking orders from Ratner, sez NYCT.
Remember that April 9 letter from New York City Transit (NYCT) to Brooklyn Community Board 6 regarding plans to revise service on the northbound B63 bus route? [link]
It was supposed to be implemented on May 27, in response to the demapping of Fifth Avenue between Flatbush and Atlantic avenues "in the near future" for the Atlantic Yards project, according to NYCT's Lois Tendler.
Never mind. It's not happening this week. NYCT apparently was taking cues from developer Forest City Ratner more than from fellow involved agencies.
Click here to read how a governmental agency take orders from Atlantic Yards developer Bruce Ratner and fesses up when its cover is blown.
Posted by lumi at 8:58 AM
May 11, 2007
A peek down below
MTA wins ethics award. Really.
MetroNY
By Patrick Arden
Here's a good one:
The MTA won the Theodore Roosevelt Ethics Award yesterday, presented by the state ethics commission. The agency wasn’t picked “just for meeting the usual criteria,” explained chair John D. Feerick. “This year the award also recognizes the turnaround that has occurred at the agency.” In his brief time as governor from 1899 to 1900, Roosevelt earned a reputation for exposing corruption.
NoLandGrab: If you don't know the history, click here.
Posted by lumi at 6:13 AM
May 9, 2007
MTA Chairman, in Charge During 2005 Strike, Is Stepping Down
AP, via 1010 WINS News Radio
An article on the resignation of MTA Chairperson Peter Kalikow turns to a local group for some perspective on his legacy:
The Straphangers Campaign, a riders' advocacy group, gave Kalikow mixed ratings for his stewardship of the MTA.
The group said Kalikow's achievements included a $21.3 billion five-year capital rebuilding program and more transparent budget-making process. On the debit side, the straphangers said, he initially agreed to sell development rights to the Atlantic Yards in Brooklyn and the far West Side in Manhattan for less than the MTA's own appraiser said they were worth.
MEDIA ALERT: "Atlantic Yards" is Bruce Ratner's name for the entire 22-acre project, which includes the eight-acre Vanderbilt Yards.
In case you're wondering, Ratner's lowball bid was $50 million lower than the competing bid by development company Extell.
The MTA eventually accepted Ratner's bid, citing the added value of track improvements. The dirty little secret that most reporters don't understand is that "track improvements" is a euphemism for "we have to move the tracks to make room for the arena 'bowl.'"
Such lack of transparency and wholesale capitulation to developers, without regard for the MTA's bottom line, will remain the legacy of outgoing Chairman Peter Kalikow.
Posted by lumi at 8:02 AM
May 7, 2007
Kalikow To Resign as M.T.A. Chairman; Sander Will Stay Put
The New York Observer
By Matthew Schuerman
Today is the day Governor Spitzer has been waiting for: Peter Kalikow plans to announce that he is resigning as chairman of the board of the Metropolitan Transportation Authority, according to a state official.
NoLandGrab: Brooklynites who keep a close eye on Atlantic Yards will always remember Kalikow for his baffling defense of Bruce Ratner's lowball bid for the MTA's Vanderbilt Railyards.
When asked why the MTA accepted an offer that was less than half the appraised value, Kalikow said the $214.5 million appraised value of the Vanderbilt Yards "is just some guy's idea of what it's worth."
Searching for something nice to say about Kalikow, we defitnitely believe that Kalikow is "some guy." The question is will there be pork production as usual in Albany once he's gone?
Posted by lumi at 9:18 AM
April 26, 2007
The Atlantic Yards - Part Two
Nathan Kensinger posted more amazing photos from his below-ground tour of the footprint of the Atlantic Yards.
Click here for Part I, where Kensinger defends his use of the term "The Atlantic Yards."
As for the text, I think it is appropriate to continue using the name "Atlantic Yards" here, if only to help clarify that these photographs are from a potential construction site and not just a rail yard.
NoLandGrab: The only problem with the looser lexicon is that most New Yorkers don't know the difference, and the Ratner brand name, "The Atlantic Yards," takes on a life of its own as in yesterday's Gothamist post referencing Kensinger's latest crop of photos:
Nathan Kensinger found his way into the tunnels underneath Brooklyn's Atlantic Yards...
Posted by lumi at 10:32 AM
April 23, 2007
Atlantic Yards Report on PlaNYC
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The silence of PlaNYC regarding Atlantic Yards (and the right way to develop railyards)
Norman Oder scours the Housing section of Mayor Bloomberg's PlaNYC for signs of Atlantic Yards:
Yesterday, when discussing PlaNYC: A Greener, Greater New York, Mayor Mike Bloomberg called congestion pricing "the elephant in the room." When it comes to the housing section of the plan, however, the elephant in the room is Atlantic Yards.
...
While numerous examples of past, present, and future projects are provided in the Housing chapter, Atlantic Yards is conspicuously unmentioned.Given that the project remains high on the mayoral agenda, the omission is curious. Is Atlantic Yards so controversial that it's wise to avoid it?
Or has the production of the new plan pointed out the flaws in the process that led to Atlantic Yards? Indeed, the report recomments a planning process before decking over a railyard--a distinct contrast to the city's embrace of one developer's plan for the Vanderbilt Yard at the heart of the Atlantic Yards plan.
Congestion pricing plan announced; backlash continues
Is congestion pricing the "elephant in the room?" Norman Oder looks at the plan and the implications on Atlantic Yards:
But the big one is a congestion pricing pilot scheduled to begin by Spring 2009, aimed to charge drivers who enter the Central Business District in Manhattan in certain hours. The money would be directed toward improving public transit and thus offer opportunities to those most burdened by the charge, though obviously the transition period could be dicey.
...
The concept gains support from left-ish transportation advocates (who are holding a rally at 10:30 a.m. today, noting that the mayor's plan results in "reducing car use and giving more space and priority to bus riders, pedestrians and bicycles"), wonky transportation analysts, and business groups.It has been opposed by outer borough politicians and officials, mindful that it would hit some of their constituents--who lack good public transit access to Manhattan--the hardest. It's also been opposed by trucking companies and garage owners.
Congestion pricing is seen as necessary for the Atlantic Yards plan to have a ghost of a chance, though political backers of the plan like Borough President Marty Markowitz, as well as developer Forest City Ratner, have remained quiet about the issue.
Flatbush Avenue BRT: not until 2015?
While the city plans to pilot five bus rapid transit routes, one in each borough, in the next few years, the first one in Brooklyn would be Nostrand Avenue. A second round of five routes, likely including Flatbush Avenue, would not be completed until 2015, according to p. 4 of Appendix B to the mayor's PlaNYC report, issued yesterday.
There may be room for certain routes in the second round, including Flatbush Avenue, to open before that date. Still, transportation advocates believe that BRT is part of a package, including congestion pricing (which the city hopes to begin by Spring 2009) crucial to make any Atlantic Yards transportation plan work. The arena is scheduled to open in 2009, though that schedule seems unlikely.
City plans new push for solar energy; could "solar zoning" emerge?
New York City's energy-related initiatives within PlanNYC2030 include a new push for solar energy.
...
Might the city entertain the notion of "solar zoning"? No such proposal is specified; however, the exploration of the tension between scale and solar likely will increase.
Posted by lumi at 7:32 AM
April 19, 2007
Know A Good Fence?
Vanderbilt Yards from Dope on the Slope:
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More photos from Dopey Slopey's flickr photostream here.
Posted by lumi at 8:05 AM
April 18, 2007
Railyard photos by Daniel A. Norman
There are a couple more cool photos of trains in the Vanderbilt Railyards by Daniel Norman posted on two of his photo blogs.
Brooklyn Photographer, Above the Train Yard, Brooklyn NYC |
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brooklyn lens, Atlantic Yards, Brooklyn, NYC |
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Daniel A. Norman's flickr page
Posted by lumi at 9:40 AM
April 12, 2007
B63 rerouted for demapping of 5th Avenue
The NYC Department of Transportation (DOT) has yet to come up with a comprehensive traffic management plan for Central Brooklyn, but no worries, they're on the ball when it comes to getting stuff done in advance of Bruce Ratner's Atlantic Yards plan.
This, from a letter from the MTA regarding the impending demapping of 5th Avenue and changes in the B63 bus route:
This is to inform you of NYC Transit's service revision to the northbound B63 bus route in Downtown Brooklyn.... This reroute will take effect upon the closure and de-mapping of 5th Avenue between Flatbush and Atlantic Avenue in the near future.
As you are aware, a short segment of 5th Avenue, from Flatbush Avenue to Atlantic Avenue, will be de-mapped as a result of the construction of Atlantic Yards Arena.
...
The date of implementation of this reroute is expected to be May 27, 2007.
Craig Hammerman, District Manager for CB6, added in an email distributing the MTA notice:
Had there been an opportunity to discuss this with either agency, I'm confident that someone would have pointed out that by eliminating the only B63 bus stop on the eastside of Flatbush Avenue they would now require all northbound B63 riders to have to cross Flatbush Avenue to get to the Atlantic Center, Atlantic Terminal, future Atlantic Yards, and any other destinations on the eastside of Flatbush Avenue.)
Download the full MTA letter and map (PDF) from the CB6 website.
Q: Why the hurry to de-map streets?
Also, are we supposed to believe that DOT is poised to de-map streets, but have not commenced with other planning for Atlantic Yards, such as converting 6th & 7th Avenues to one-way thoroughfares?
Posted by lumi at 4:56 PM
March 28, 2007
Yankee station costs climbing?
MetroNY
By Patrick Arden
There's a lot of handwringing going on in the Bronx over how to cover the "projected $15 million to $30 million shortfall" for the new Metro-North station at Yankee Stadium.
Last April, the MTA board had approved $40 million for the station to serve Yankee Stadium.
“Where are those Yankees?” wondered rider advocate Gene Russianoff of the Straphangers Campaign. “We always thought the team should chip in when the station was at $40 million. But with the inevitable increased cost, the very profitable franchise should be helping.
“The MTA is broke, and the idea that they will unendingly fund a Metro-North station is just wrong. The Yankees are going to benefit from it, and they should step up to the plate and participate.”
Click here to read the rest of the article, including Russianoff's highly excellent idea for squeezing more money out of the tight-fisted Steinbrenner.
NoLandGrab: We bring you this article to point out that there isn't any such handwringing with the Atlantic Yards project.
Part of Bruce Ratner's winning low-ball bid for the railyards is the "added value" of station infrastructure improvements. However:
- those improvements were never requested by the MTA,
- moving the tracks to make way for the arena leaves no room for a future AirTrain between JFK and Lower Manhattan,
- Bruce Ratner isn't paying for the improvements out of his own pocket, and
- any shortfalls are covered under "extraordinary infrastructure costs" and will be paid for by the taxpayers of the City of NY, in accordance with the Memorandum of Understanding signed by the Mayor and Ratner.
This MOU is a blank check to cover just such shortfalls that have "shockingly" materialized in the Yankee Stadium Metro-North station.
Posted by lumi at 10:10 AM
February 21, 2007
Forest City Works, But Does Not Own
The Real Estate Observer
Reporter Matthew Schuerman confirms that Ratner is starting work on the Vanderbilt Railyards before actually closing the deal with the MTA:
Forest City Ratner still does not own the 8-acre rail yard that will form the backbone of its Atlantic Yards project, but that did not keep the company from starting "preparatory work" on Tuesday.
The developer agreed to buy the property from the M.T.A. back in September 2005 for $100 million, but there are some "technical issues" that have yet to be resolved before closing the deal, M.T.A. spokesman Sam Zambuto told The Real Estate.
"At this point, there is no time-frame set for closing the deal," he said.
...
Though the deal hasn't closed, and the MTA claims that there is no timeframe, the MTA spokesman called back to add that there is nothing in the deal that would preclude both parties from closing before lawsuits were resolved.
Posted by lumi at 8:21 AM
November 13, 2006
Spitzer: MTA Fare Hikes Should Be "Last Resort"
NY1
[Governor-elect Eliot] Spitzer says he plans to review the agency's budget and financial plan during his transition, and he says while he wants to improve relations with bus and subway workers, it's also important that they help lower costs.
NoLandGrab: The MTA has been walking around with a "Reform Me" sign taped to its back for years now. The state agency has been making the public dizzy, vacillating between pleading poverty to justify fare hikes and union givebacks and announcing surprise surpluses, which allow for habitual real estate giveaways.
Is it any wonder that the MTA got caught with two sets of books?
Here's an idea for Spitzer, force the MTA to sell real estate to the highest bidder, (not the lowest, duh!).
Posted by lumi at 10:42 AM
October 26, 2006
Are You Ready For 50K New Neighbors?
Brooklyn Downtown Star
According to study commissioned by the city's Economic Development Corporation (EDC) and made public last week, "Sunnyside Yards is the city's single greatest opportunity to increase the housing supply and simultaneously improve the quality of the public realm."
The 90-page report, written by the consulting firm Alex Garvin & Associates, described several opportunities throughout Brooklyn and Queens to platform over railyards and highways to create more precious New York City real estate.
Councilmember Eric Gioia is looking forward to development of the Sunnyside Yards:
In fact, he has even tried to lure Bruce Ratner's Nets arena to that site instead of the Prospect Heights railyards, but Ratner's people have so far told Gioia no way. The Prospect Heights location was conspicuously absent from the Garvin study of platform opportunities, even though four other sites in Brooklyn were included.
NoLandGrab: The article is referring to the Vanderbilt Yards, the largest chunk of land in Bruce Ratner's Atlantic Yards plan.
Posted by lumi at 11:13 PM
September 27, 2006
Pact Reached to Redevelop Far West Side
The NY Times
By Charles V. Bagli
The Bloomberg administration is giving up on its plan to buy the development rights over the West Side railyards from the Metropolitan Transportation Authority for $500 million.
Instead, under a new proposal worked out over the past week, the city and the authority would do what critics said they should have done in the first place: rezone the 13-acre railyard on the west side of 11th Avenue between 30th and 33rd Streets for high-rise development and sell it to a developer through a bidding process. In addition, the MTA will be applying the same process to the Vanderbilt Railyards in Brooklyn.
NoLandGrab: OK, we made up the last part. It does make sense though, doesn't it?
Posted by lumi at 11:15 AM
September 20, 2006
MTA Loses Mind, Plans Big Service Cuts
OnNYTurf concludes that the Metropolitan Transportation Authority is losing its "mind," as the agency makes plans for service cuts due to a budget crunch. The public is supposed to "get on board," even after the state agency was caught with two sets of books, gave away free rides during last December's busy tourist season and sealed deals with developers, like Bruce Ratner, after phony "open" bidding processes.
Posted by lumi at 8:50 AM
September 15, 2006
MTA: Hudson Yards
Tossing the MTA's Hudson Yards around like a political football for three seasons has exposed the surreal nature of NY State's public authorities.
Gone are the bad ole days when the MTA was able to quietly give away development rights, like the deal scored by Bruce Ratner for the Atlantic Terminal mall. The City and State overreached on the West Side Stadium deal and now the "smell test" is being applied to every move to strike a deal for the Hudson Railyards.
Meanwhile, it stinks in Brooklyn, as Bruce Ratner's low bid for the Vanderbilt Railyards still stands.
Here's the coverage on yesterday's Hudson Yards hearing, at which Assemblymember Richard Brodsky (D-Westchester) grilled MTA chief Peter Kalikow for over an hour:
Metro NY, MTA’s ‘smell test’
NY Daily News, Railyards deal not on track
NY Post, COLD WATER ON W. SIDE DEAL
NY Sun, Assembly Member Wants Hudson Rail Yards Opened Up to Bids From Private Developers
WNYC, Kalikow Asked to Consider Other Bids for West Side Rail Yards
Posted by lumi at 8:46 AM
September 3, 2006
Are Brooklyn's Vanderbilt Rail Yards Chopped Liver?
DDDB.net
There is a huge power and money struggle going on over the West Side's Hudson Yards. The MTA has just appraised those yards at 3 times the value that the City is offering the transportation authority.
...
Well, as we know Forest City Ratner offered the MTA $100 million for the Vanderbilt Yards–the 8.3-acre active rail yard that makes up about 37% of the acreage in Ratner's 22-acre "Atlantic Yards" proposal. The Extell Development Company offered $150 million. The MTA appraised Vanderbilt Yards at $214.5 million. ...
We are looking for some consistency here. And while we are at it, why isn't (or hasn't) the City offering to buy the Vanderbilt Yards, platform them and sell it off to developers? If that makes sense on the West Side it certainly makes sense at the real estate treasure going east from the intersection of Flatbush and Atlantic.
Posted by lumi at 5:53 PM
July 24, 2006
TWU President Pushes MTA To Delay Vote On Development Rights of Hudson Rail Yards
The NY Sun
By David Lombino
The president of Local 100 of the Transport Workers Union, Roger Toussaint, and the staff attorney for the Straphangers Campaign, Gene Russianoff, have asked the MTA chairman, Peter Kalikow, to postpone a vote, which could come at a board meeting Wednesday.
“If the property is sold for significantly less than it’s worth, that could mean hundreds of millions less for new subway cars, buses, commuter rail trains, station rehabilitations, and infrastructure, such as track and signals,” Mr. Toussaint and Mr. Russianoff said in a letter.
NoLandGrab: Where were these powerful voices when the MTA accepted the lowest bidder and awarded the Vanderbilt Railyards to Bruce Ratner?
Posted by lumi at 11:55 AM
July 14, 2006
Ask MTA Chairman Peter Kalikow
Ever want to know why the MTA repeatedly accepts the low bid for its pre-packaged real estate giveaways? Now you can ask the MTA Meister, Peter Kalikow.
Will from OnNYTurf posted this item regarding AskKalikow@dailynews.com:
Well you are not going to believe this, but it looks like Peter Kalikow is ready to take your questions. He and the DailyNews are running an Ask-The-Asshat feature where you can email him questions and the DailyNews will print the softballs with his boring answers.
Given that they announced this on a Friday the email account probably won't get shut down with complaints until 10 am Monday.
More details from OnNYTurf.com .
Posted by lumi at 9:57 PM
February 11, 2006
Ratner’s adviser will advise MTA
Brooklyn Papers:
One of the eight brokers hired last week by the Metropolitan Transportation Authority to assess properties is none other than Mary Ann Tighe, a longtime adviser to Forest City Ratner.Currently, Tighe finds commercial tenants at the tower that FCR is building for the New York Times, as well as at Metrotech in Downtown Brooklyn, another FCR site.
And her spokesman said Tighe has no plans to leave the FCR payroll.
Posted by amy at 3:20 PM
February 8, 2006
Two commercial real estate firms, the MTA, and inevitable Forest City Ratner ties
TimesRatnerReport reacts to the The Brooklyn Daily Eagle article, "MTA Names Real Estate Firm Advisors" (login required).
Fortunately for Ratner, the MTA has hired consultants to help "assess the MTA’s real estate portfolio and create and execute a program to maximize the properties’ revenue potential," AFTER the two parties struck a deal for the Vanderbilt Railyards.
TimesRatnerReporter Norman Oder notes that there are connections between the two firms, Massey Knakal Realty Services and CB Richard Ellis, and Forest City Ratner.
The business relationship with CB Richard Ellis, and especially CEO Mary Ann Tighe, is closer. CBRE is theexclusive leasing agent for the office portion of the proposed Ridge Hill Village development in Yonkers, NY.
Tighe served as agent for Forest City Ratner on leasing of the Bank of New York tower at Forest City Ratner’s Atlantic Terminal mall in Brooklyn. Also, representing the New York Times Company, Tighe, according to the firm web site, "arranged a network of joint ventures enabling the construction of a new 1.5 million square foot tower at 8th Avenue and 41st Street...The transaction included a joint venture between NYTC and developer Forest City Ratner (FCR), which becomes 2 condominium interests upon construction completion..."
NoLandGrab: Maybe Norman Oder can save himself and his readers a lot of time by doing an article on who is NOT in on the fix.
Posted by lumi at 10:02 AM
January 16, 2006
Governor Pataki Signs New Oversight Law
NY1
Important news on the role of NY State government in large development projects:
Governor George Pataki has signed a new oversight law to ensure public authorities follow state guidelines.
Pataki has allotted $1.5 million in his executive budget for the creation of the Public Authority Budget Office.
The office will oversee the spending, compliance and the general ethics of agencies such as the MTA.
More coverage:
AP, via NY Newsday, Pataki tightens reins
[The measure] establishes codes of ethical conduct for authority directors, officers and employees.
Rochester Democrat & Chronicle, Pataki supports measure to rein in, reform state authorities
The new law mandates new regulations for disposing of property owned by the authorities.
The new measure is an important step forward but is weakened by the fact that the governor will appoint the inspector general, said one good-government lobbyist.
The NY Post, GOV OKS AUTHORITIES WATCHDOG
Pataki has been criticized for stonewalling a bill passed in June. Some say he wanted to wait as long as possible to minimize the impact on his administration in his final year in office. Aides argue he just wanted six months to prepare for the changes.
NoLandGrab: Support for this law spread after several backroom real-estate giveaways, benefiting politically connected developers, caught the public's attention.
Until now, development corporations have been formed to act on behalf of the state or local government, but, since they are private entities, they have not had to adhere to the laws governing "spending, compliance and the general ethics."
These quasi-governmental corporations with access to the deep pockets and political muscle of the state, coupled with the freedom to act as private companies, will hopefully become a thing of the past.
HOW DOES THIS AFFECT BROOKLYN?
Ratner's deal with the MTA for the Vanderbilt Railyards does not close until the proposal goes through the state's environmental review process.
So, we are left wondering, will the Public Authorities Reform Act require the MTA to re-open or re-structure their land deal with Ratner?
Posted by lumi at 7:56 AM
January 9, 2006
Connecting the Dots: The Transit Strike and the Ratner Land Giveaway
Solomon Grundy, contributor to the Left Behinds blog inventories MTA misdeeds and the public and media backlash against striking transit workers.
Grundy find himself in a "Bizarro alternate universe where no one can make the simplest connections between events" and asks:
What about the hundreds and hundreds of millions in giveaways to any real estate tycoon that approaches the MTA with his hand out? That's our money, too.
NoLandGrab: Apparently "connecting the dots" not only doesn't happen in Washington D.C. As far as the media and public are concerned it's, "out of sight, out of mind."
Posted by lumi at 7:03 AM
December 26, 2005
There's more to rail about
Mike Lupica: Shooting from the Lip
Lupica reminds New Yorkers that the MTA trying to squeeze a deal out of transit workers is the same MTA that spent this past year trying to sell land for a song to politicially connected team owners:
At a time when the three of them, the governor, the mayor and Kalikow of the MTA, wring their hands about the future of New York City, when they make it seem as if that future somehow is tied to the pension fund of the transit workers, please remember that they are the same people who wanted to give away the Hudson Railyards to the New York Jets football team so that the Jets could build a football stadium on the West Side of Manhattan.
When Bruce Ratner, the most caring owner in all of sports, saw an opening to build 17 high-rise buildings around Jason Kidd and Richard Jefferson in Brooklyn, all these high-minded politicians who squeezed transit workers this week immediately rolled over for Ratner, too. Another land grab by a rich owner, another time when the biggest politicians in the city and state did everything except put a bow around the property.
NoLandGrab: Lupica missed one previous MTA land giveaway to Ratner. The Toaster (a.k.a. Atlantic Terminal Mall) was built on land given to Ratner by the MTA. The MTA was set to do the same thing with the Vanderbilt Railyards until everyone got real mad about the Jets-Hudson Railyards deal, which forced the MTA to hold two just-for-show bidding processes in one year.
In other words, the same MTA board and political supporters who are squeezing the transit workers over pension plan givebacks have already negotiated real estate giveaways to Ratner.
Posted by lumi at 8:16 AM
December 21, 2005
Support the TWU
Fans For Fair Play explains why those who have kept up on their Ratner reading are more pissed at the MTA than the transit workers union.
The MTA is nickel-and-diming the transit workers while they've spent the last two years:
- wasting millions on their new corporate headquarters;
- ripping off taxpayers by offering the Hudson rail yards to the lowest bidder, the New York Jets;
- ripping off taxpayers to the tune of another $150 million (at least) by accepting another lowest-bid, Bruce Ratner's, at the Vanderbilt Yards here in Brooklyn;
- drooling over the prospects of wasting $400 million dollars to build a concrete platform over the Hudson yards in a dicey and dubious "let's play real-estate developer" bid;
- maintaining separate books for pubic and private dissemination;
- issuing roller-coaster "we're going broke!" or "we're swimmin' in cash!" declarations, particularly galling with the strike, because just a month ago the MTA was bragging about their billion-dollar surplus, offering minimal holiday discounts to straphangers.
Posted by lumi at 6:58 AM
December 20, 2005
Transit Strike Reminiscence
Today, as you are walking, biking or even telecommuting, take a moment to ponder what a long strange trip it's been.
At this time last year (before the MTA declared its fiscal crisis over when it miraculously discovered that it was actually running a budget surplus), groups were calling for the MTA to get full market value for the Vanderbilt Railyards and the question of opening up the sale of MTA land to a bidding process was being discussed during hearings on fare hikes.
Posted by lumi at 8:31 AM
December 17, 2005
MTA strands fans
From the Brooklyn Papers:
If 19,000 cheering Nets fans come pouring out of an arena at the corner of Atlantic and Flatbush avenues someday, the MTA is not going to add service to help get them home.The transit agency, which many hope will play a significant role in reducing congestion resulting from Bruce Ratner’s proposed Atlantic Yards mega-development, dropped this mini bombshell this week at Borough Hall, where Borough President Markowitz, local elected officials and Community Board chairs met to discuss Atlantic Yards issues.
The MTA refused to send a representative to the meeting, Markowitz said. Instead, the agency sent over a statement outlining its plans for service to and from Nets games at the Ratner arena.
This article is a must-read for those wondering what the MTA's plans are (none) for mitigating the increased traffic from the Atlantic Yards proposal, as well as their excuses (many).
Posted by amy at 10:24 AM
October 27, 2005
Ratner Reveals Details of Unprecedented $182 Million Rail Yard Move
The Brooklyn Daily Eagle
by Raanan Geberer
The contract for rennovation of the MTA railyards was awarded to African American-owned contstuction firm, McKissack and McKissack. McKissack also holds the $700K contract to complete the pre-construction phase of the project.
The press conference was held at Rev. Daughtry's House of the Lord Church. Rev. Daghtry and Assemblyman Roger Green tied the event to the passing of Rosa Parks, a civil rights icon who, during her life was sensitive about being tied to everyone's message.
McKissack has previous experience with railroad projects and describes itself as the oldest minority-owned professional design and construction firm in the nation.
NoLandGrab: FCRC is touting a win-win-win for African Americans, the MTA and FCRC meanwhile the MTA never requested these renovations.
Posted by lumi at 7:08 AM
October 5, 2005
New York in bondage
We missed this NY Sun September 21, 2005 editorial. Thought that you'd like to know how this November's $2.9 billion Rebuild and Renew New York Transportation Bond Act of 2005 relates to Atlantic Yards.
The NY Sun editorial board cites the recent MTA approvals to sell MTA land to the lowball bidder as one reason to tell politicians that taking on more debt in the current political climate would be unwise:
Well, it would be better to sell the Brooklyn Bridge. Feature the track record of only one agency involved, the MTA. The agency has spent the past few months trying to sell of its Atlantic Yards in Brooklyn at a fraction of the assessed value. In July, the MTA discovered a surprise surplus of $833 million in its budget. It promptly proposed using half the money to build a platform over the West Side yards, after its earlier plans to sell off those yards at below-market prices failed.
Posted by lumi at 7:13 AM
September 20, 2005
MTA BS may stink, but its Damn Funny!
onNY Turf
Now why would the MTA sell off its property for less than half the appraised price, since no homeowner in their right mind would ever sell their house for half the value? Well, every irrational decision deserves as rich an irrational answer as that coined by MTA chairman Peter Kalikow. Mr. Kalikow's explination, and I swear its so bad its good, Mr.Kalikow actually said that the $214.5 million appraised value of the Atlantic Yards "is just some guy's idea of what it's worth."
Some Guy?
Posted by lumi at 8:09 AM
September 19, 2005
MTA, as Expected, Gives Its OK to Ratner’s Arena Plan
The Brooklyn Daily Eagle
by Raanan Geberer and Michael Weissenstein of the AP
The Eagle uses the AP wire report on the MTA hearing as the basis of their own article. The rub is that the AP report contains several mistakes that the Eagle's reporters and editors, having covered Brooklyn real estate in Brooklyn for more than a century, should have picked up.
Local reporting contains quotes from BUILD, Markowitz, James, Yassky's spokesperson, DDDb and local neighborhood organizations.
Posted by lumi at 9:28 AM
September 18, 2005
DDDb Press Release: Develop Don't Destroy Brooklyn To Request Finder's Fee From MTA
Community Group Seeks $6.0008 for Raising Ratner Bid Plus Printing and Mailing Reimbursement
NEW YORK, NY—Develop Don't Destroy Brooklyn (DDDB), the leader of the coalition fighting Forest City Ratner's (FCR) arena and 17 skyscraper gated complex situated on top of an existing neighborhood, will seek a finder's fee from the Metropolitan Transportation Authority for the group's efforts which led to the $50 million increase of Ratner's low-ball offer for the 8.5 acre Vanderbilt Yard.
“We got the MTA $50 million more than they would have gotten without us," said DDDB spokesman Daniel Goldstein. "At a 12% finder's fee that comes out to $6 million. Plus it cost us around $800 in printing and mailing to alert developers to the property sale, which the MTA didn't really do. That comes out to $6.0008 million, which we would accept in cash or check. We know that may sound like a lot of money, but it's much less than the finder's fee we were expecting based on the MTA's appraised value of $214.5 million--then they'd owe us $19.7408 million. Too bad they accepted a bid $114.5 million less than their own appraised value."
MTA Chairman Peter Kalikow dismissed his own agency's two-month-old appraisal, saying that $214.5 million "is just some guy's idea of what it's worth." Goldstein said, "Why would Mr. Kalikow's agency hire just 'some guy' to do their appraisal, and then ignore that guy? Shouldn't they hire an appraiser instead of 'some guy?' That's odd behavior. Hopefully Develop Don't Destroy Brooklyn is not 'just some grassroots community group,' in the MTA Chairman's cataractous eyes."
Because the MTA held a rigged bidding process and barely advertised a call for bids, DDDB took it upon themselves to advertise the MTA's Request for Proposals (RFP) by mailing it with additional information to one hundred developers around the United States. When only one developer, Extell Development Company, responded, DDDB encouraged them to submit a proposal and they did. Extell bid $150 million while FCR bid $50 million. Because of the unexpected competition to the Ratner bid, the MTA was able to demand more money and they got $50 million more. The new Ratner bid of $100 million was still much lower than the Extell bid, and less than half of the MTA's $214.5 million appraised value for their rail yards.
“We deserve this finder's fee. But if the MTA refuses to pay it to us, at the very least we would want reimbursement for our costs of $800 and perhaps some monthly MetroCards for our efforts and time,” concluded Mr. Goldstein.
Posted by amy at 1:26 PM
September 15, 2005
MTA board approves sale to Ratner. Opponents readies suits. Brooklynites look towards Environmental Impact Statement.
Here are snippets of today's coverage of the MTA Board decision and what comes next:
The NY Times, Huge Arena Project in Brooklyn Takes a Major Step Forward
The Times covers the MTA Board's Special Meeting:
Although Mr. Ratner's $3.5 billion project, the largest private investment in the borough's history, would bring his team, the Nets, to Brooklyn from New Jersey and create at least 7,000 apartments, there was a glum tone to the authority's board meeting. Few speakers - whether supporters or opponents of the plan - voiced any passion at the public hearing before the vote, in part, because the outcome was never in doubt.
However, a local resident, Shabnam Merchant, who lives near the project site at the intersection of Atlantic and Flatbush Avenues, stepped up to the microphone to say, "It's a sham." She said she could not pretend otherwise, then spent the rest of her allotted two minutes standing there without speaking.
Asbury Park Press, Ratner clears one hurdle in moving Nets to Brooklyn
[Develop Don't Destroy spokesperson Dan] Goldstein contends that because Forest City Ratner's plan has not yet undergone an environmental review by the ESDC, the sale of the Atlantic Yards is not legal or valid. The environmental review usually takes about six months after it is submitted to the state's Public Authority Control Board.
"The deal doesn't close until that ends," Goldstein said. "No money will transfer."
NY Daily News, MTA on track for Nets. Green-lights Ratner arena complex plan.
"The Forest City Ratner offer benefits all concerned," said veteran political activist the Rev. Herbert Daughtry, whose House of the Lord Pentecostal Church is near the site.
Daughtry pointed to a 47-page community benefits agreement between Ratner and a coalition of neighborhood groups saying, "I have never witnessed any contract of this scope and of this diversity."
NoLandGrab: With all due respect, the original Staples Center CBA makes Ratner's look like Cliff Notes.
NY1, MTA Votes In Favor Of Ratner Arena Development Plan
dialup/broadband
Bobby Cuza reports:
The proposal still has to undergo an environmental review. It also must go before the state Public Authorities Control Board, which is likely to approve it.
The project has faced community opposition, particularly from property owners who fear Ratner may try to work with the city to use eminent domain to force them out.
NoLandGrab: To clarify, since NY State is taking over the project, thus circumventing the City's more stringent Land Use Review Process, it's NY State who is planning to use eminent domain to execute government takeover of private property to hand over to Ratner.
DigitalBrooklyn.com, MTA Sells Out to Ratner
DigitalBrooklyn quotes BP and Cheerleader in Chief Markowitz:
“Now that the Atlantic Yards bid has been accepted, the next step is for the EIS scoping hearing to be set. We will now delve into the nitty gritty of every single legitimate issue that the community has brought forth. Brooklynites must see a comprehensive and realistic plan that addresses traffic, parking, public transit, parks and open space, community facilities, noise, air quality, density, and every other planning challenge that a project of this scale entails.
The Newark Star-Ledger, MTA OKs selling land to Ratner
Forest City Ratner Executive VP Jim Stuckey plays down the fact that they are going to throw people out of their homes:
The company still needs to acquire several tracts around the arena site, but Stuckey said most are auto repair shops or vacant land rather than private residences.
Reuters, NY agency OKs Brooklyn project with new Nets arena
Reuters looks ahead to the vote of the Public Authorities Control Board (the group that killed the West Side Stadium/Hudson Yards deal) and gets a quote from NY Assembly Speaker Sheldon Silver's office:
A spokesman for Silver, who represents Lower Manhattan, said: "The speaker is aware that the project has the support of members of the Assembly, but before he makes a decision he'd like to see more details."
NY Daily Sun, MTA To Sell Rights to Atlantic Rail Yards
The MTA voted to approve the sale against the protestations of the one "no" vote on the board:
Mr. Pally, an attorney from Suffolk County, said those improvements were never identified as needed by the Long Island Rail Road. Mr. Pally was alone, however, in his sharp criticism of the Authority,just as he was in July in objecting to the board’s decision to negotiate exclusively with Forest City Ratner.
“Instead of buying something the Long Island Rail Road does not want, which is this project, we should take the entire $214 million in cash and use it for projects which the Long Island Rail Road does want,” he said.
Groups are poised for a legal challenge:
The City Council member from Prospect Heights, Letitia James, vowed a legal fight, as did property owners who could lose their homes or businesses if the city invokes eminent domain.
NY Newsday, Deal sets up shot for Nets
Another Pally quote:
"This board has one responsibility only," Pally said. "If it is going to sell property ... it sells that property at the most value to the authority or all of the riders of the authority. In my opinion, this deal does not do that."
Newsday reports that the Public Authorities Control Board, "who blocked that deal have said they would not do the same with the Nets."
The politician who killed the Jets' dream of a West Side stadium said yesterday he hasn't made up his mind about the Nets' planned arena in Brooklyn, hours after that proposal cleared a major hurdle.
Posted by lumi at 6:58 AM
September 14, 2005
Nets win MTA land
Neil DeMause, author of Field of Scheme's covers "Backwards Day at the MTA" on his blog, and then cleans house on the Associated Press wire coverage:
The Associated Press got some things backwards in its story, as well: Not only does Ratner still need to "wait for environmental approvals and a vote by the state's Public Authorities Control Board," as the AP reports, but $200 million in state and city subsidies still must be approved by the legislature and city council, unless Mayor Michael Bloomberg finds some more money under the sofa cushions. And lastly, the proposed Nets arena site is not where the Brooklyn Dodgers almost built a ballpark, already! (That was across the street, where a Ratner mall now stands.) Listen, AP, don't make me go all Snopes on your ass.
Posted by lumi at 10:28 PM
Greatest Hits
We laughed, we cried, and for once Ratner opponent Shabnam Merchant was speechless — The Real Estate Observer has collected "Greatest Hits" from today's MTA Board meeting.
Posted by lumi at 9:16 PM