Ratner Snags Another Property in Yards Footprint
Forest City Ratner closed on a 10,000-square-foot property at 467 Dean Street late last month, reports The Real Deal. The $3 million purchase was the company’s first in the footprint of the proposed Atlantic Yards project since February 2007. While we’re on the subject, we’re surprised FCR hasn’t gobbled up 670 Pacific Street yet. It’s…
Forest City Ratner closed on a 10,000-square-foot property at 467 Dean Street late last month, reports The Real Deal. The $3 million purchase was the company’s first in the footprint of the proposed Atlantic Yards project since February 2007. While we’re on the subject, we’re surprised FCR hasn’t gobbled up 670 Pacific Street yet. It’s been on the market for a couple of months already. GMAP
BrooklynIsHome is absolutely right. we have not won until Ratner loses the right to the project site.
Ladies and Gentlemen of Brownstoner:
Just because you have a parcel doesn’t mean that you have to build today. Real estate is an asset that often appreciates over time. He could build something ugly one, two, five, twenty years from now.
We have not won. We have just succeeded in not rolling over.
Not sure I understand your logic fsrg. One, there’s no way to force him to build the platform with the money we’ve already given him. Two, it’s already been spent on acquisition and PR. Lots of PR. And three, FCR is pretty much broke.
Given that Ratner lacks roughly $2 billion of the $2 billion AY is going to cost him interpreting spending a few bucks on 670 Pacific as a guarantee he plans to build AY makes as much sense as the $5 I spent on a pint last night being a guarantee that I’m buying the Brooklyn Brewery.
FSRQ, you wrote:
“the idea that Ratner is just running around with taxpayer funds buying out ED-threatened people is just nonsense”
it is neither nonsense or overblown. it is precisely what is going on.
Ratner has received 100 million from NYC specifically earmarked for the sole purpose of reimbursing his expenses in buying property in the arena block. guess how much Ratner has paid for those purchases? Just over 100 million. so it is not overblown. it is rather a disgrace that the taxpayer is paying to buy Ratner those properties.
I’d like you to pay for me to buy my next property, but i don’ think the city will make you do that for me.
“you have to buy the land before you can build”
Small PR expense. Brooklyn Dodgers experience all over again. Let’s go Newark Nets!!!
DEAD DEAL
***Bid half off peak comps***
Well Johnny you have to buy the land before you can build – and if Ratner was going to quickly abandon the project as many (anti-AY) people seem to beleive, you’d have to believe that he wouldnt still be acquiring parcels and certainly not now (commerical RE prices are falling) – so his purchase IS clearly in pursuit of the AY project (as oppossed to just trying to buy contiguous land parcels)
as for taxpayer $ – people get a little overblown here as well – So far all Ratner has received (from what I read) is $40M – which sounds like alot – but he is on the hook to build the platform over the Yards (and is apparently slowly working on) – and the cost for that easily matches his receipt. And I do not know why anyone would complain about that payment – since a platform over the railyard is a pre-requisite of ANY development – not to mention that Ratner also payed the MTA about the same amount so far for the land. We can all debate about what happens in the future – but the idea that Ratner is just running around with taxpayer funds buying out ED-threatened people is just nonsense
Respectfully disagree fsrg. In no way is this purchase evidence of my fellow anti-AYers being “way too optimistic”.
Ratner’s gaining control of a large and valuable piece of land (using our tax money.) Creating a usable parcel is not the same as breaking ground on his $4 billion tax-payer funded disaster-in-waiting.
He still needs a lot more of our money before he can actually do anything with the land – except sell the assembled parcel at a profit of course.
looks like a good investment even if the yards dont pan out.
since people pay money to live nearby he could build a separate development and it could be a money maker. might be the first smart decision they have made in some time.
my question is how does this relate the purchase price/eminent domain price standard?
Johnny said it first!