Barclays Watch: The Dig Goes On
It’s been three weeks or so since we checked in on the Barclays Center dig and it doesn’t look like a whole of progress has been made. A few more piles of dirt than last time, but that’s about it. Barclays Watch: Deep Dig [Brownstoner]
It’s been three weeks or so since we checked in on the Barclays Center dig and it doesn’t look like a whole of progress has been made. A few more piles of dirt than last time, but that’s about it.
Barclays Watch: Deep Dig [Brownstoner]
http://www.brownstoner.com/profile/Big%20Jugs
you can read the posts from Big Jugs for you’re self…..
Big Jugs complains about Norm ‘OCD’ Oder & AY…. that’s laughable; the majority of Big Jugs posts are about him & Ratner & Goldstein, AY blah, blah… if it’s such a ‘D-O-N-E-D-E-A-L?’ then why are you so fixated on it still? Talk about OCD…..
Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy, Vandy,
If you are worried about MTA’s budget woes, babs, perhaps you should call Dan Goldstein and ask him to make a donation.
All together now: The AY fight is far from over!
That doesn’t change the fact that Extel offered $100 million dollars more than Ratner did and the MTA turned them down. That was not an appraisal, that was money offered.
The MTA issues essentially surround its OPERATING budget, which the sale of this property would only have tangentially effected.
Also it was an APPRAISAL – if someone had offered $1 Billion dollars for the railyards it likely wouldnt have mattered – the issue is payment. All of the AY opponents seem to think some other developer (presumably Extell since they were the only other group to even bid) would have come in paid the 150M cash, built some housing and moved on but that is not at all realistic (name another development that EVER went like this in NYC) – it would have taken Extell years (just like with Ratner) to secure all the approvals and get ready to build, then build the rail platform and build the housing they planned. In the meantime economic, political and practical considerations very possibly could have delayed, destroyed or alltered the original plan and forced a renegotiation or abandonment of the ‘magical’ $150M payment.
Frankly it is very similar to selling your home, just cause when you put it on the market and the broker tells you – “I got a great buyer at $1M” doesnt mean that when you ultimately sell the place for $940K that you ‘lost 60K’ – until you actually get paid, all offers and appraisals are just theoretical.
So maybe the MTA could have gotten more than it got from Ratner, or maybe not but in the end – it would be of not consequence for the current budget cuts and anyone who alleges different is just putting anti-Ratner spin on irrelevant facts.
$100-200m million spread over the life of the project is nothing in terms of the overall MTA deficit.
It’s not really fair to compare on ongoing annual operating deficit with a one time real estate transaction.
A better comparison would be to the $50 million being spent for the Jay-Lawrence connection or the $250 million being spent for the Culver Viaduct rehabilitation.
just bc an appraisal says it was worth something doesn’t mean it was. if it did then we wouldn’t have this little housing hiccup! an appraisal for a property like this is a guess at a moment in time. for goodness sake, i for one would love to see the comps!
Are the budget shortfalls at the MTA more than the $100-200m difference between Ratner’s bid and the appraised value of the property? Absolutely. And no one is suggesting the sweetheart deal caused the problem of the MTA’s budget woes (babs says the sweetheart deal was a “huge part”; I would say it was a significant part). Either way, it is $100-200m that the MTA gave to the AY development. Just because there are other issues with the MTA’s budget shortfall does not excuse a $100-200m handout from an organization that clearly can’t afford handouts at this point in time. Could selling the land at fair market value have prevented all service changes? Of course not, but $100-200m goes a long way.
babs you are living in a anti-ratner fantasy world…
you know if we had a larger railyard we could have more trains which would reduce car traffic which would reduce oil consumption which would reduce and eliminate off-shore drilling – so Ratner is also responsible for the oil spill in the Gulf.
and also todays rain!