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June 27, 2008
How Much For a Downtown 'Scraper? At Least Half a Bil.
We know 330 Jay Street as purgatory the place where we were recently really happy to serve on jury duty. The city, however, thinks of 330 Jay as a building that's worthy of a $499,401,179 investment. That's how much it recently paid to buy the condominium portion of the skyscraper (28 of its 33 stories, or 830,879 square feet). The building, completed in 2005, was a public-private development with Forest City Ratner, which retains control of its top five floors. The condo portion of 330 Jay contains its courthouses and was more or less already controlled by the city (via a city-generated nonprofit called Jay Street Development Corp), but not owned outright. The skyscraper cost $670 million to build. Our question: Is this the most valuable high-rise in Brooklyn? Gotta at least be in the running.
Photo by Property Shark.
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Comments
Best looking new high rise in Brooklyn.
Posted by: guest at June 27, 2008 10:48 AM
Another Ratner bailout
Posted by: guest at June 27, 2008 10:49 AM
If you do the math, it sounds like this project lost money on a cost per floor basis.
Posted by: guest at June 27, 2008 11:09 AM
How is it a bail-out when it was a public-private partnership from the beginning?
Posted by: guest at June 27, 2008 11:17 AM
11:17 please do not apply logic, reason or facts to anything that involves Bruce Ratner - don't you know that he is the anti-christ?????
Posted by: guest at June 27, 2008 11:36 AM
670M to build and 500M to aquire all but 5 floors. Sounds to me like NYC is getting this at cost. Where's the bailout?
Posted by: guest at June 27, 2008 11:49 AM
"the place where we were recently really happy to serve on jury duty"
"we"? Did you guys all serve jury duty at the same time? Or is that some sort of weird journalistic "we"... I'm confused.
Posted by: guest at June 27, 2008 12:07 PM
Yay, more offices for the DMV!
Posted by: guest at June 27, 2008 12:24 PM
It's a nice building, and it has great views. I'm sure the public/private aspect affects the numbers b/c the city/state tenants arent paying market rents.
Posted by: slick at June 27, 2008 12:32 PM
12:07, you forget that Brownstoner is royalty and therefor employs the "Royal We".
I too just had jury duty, but was all by my lonesome. The views from the holding cell... err, waiting room, were great though.
Posted by: guest at June 27, 2008 2:08 PM
Has anyone done a study/audit of Forest City Ratner's record of development in NY? Seems like the subsidies he's received have either been cost-effective for the city or not. All the flaming back and forth about Atlantic Yards, 330 Jay, etc. seems to be stuck in generalities and speculations. Do hard numbers exist? What are they? Strictly by economic measures, has Ratner been an asset to the city or a liability?
Posted by: guest at June 27, 2008 2:14 PM
This price may well include the entire interior job, which of course is extremely custom and expensive. From what i hear, it does. Forest City got the top five floors for quickly building the property for City/State. Price also includes huge security upgrades put into plans after 9/11 and after original deal made. Most of it is invisible, but is substantial.
Posted by: chrishavens at June 27, 2008 3:07 PM
The thing is that we do not know the number split for the $670 million to build the building. This seems to be the buying price after construction. Seems to be a loser for the city to me. At least knowing Ratner and how he works the system.
Posted by: guest at July 2, 2008 7:27 PM
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