Ratner Doubles Bid for Atlantic Railyard
September 7, 2005, NY Times — Under pressure from a rival bidder for the Atlantic railyard in Brooklyn, the developer Bruce C. Ratner has agreed to double his initial offer to roughly $100 million for the right to build a glass-walled basketball arena that would anchor the largest private development in the borough’s history, people…
September 7, 2005, NY Times — Under pressure from a rival bidder for the Atlantic railyard in Brooklyn, the developer Bruce C. Ratner has agreed to double his initial offer to roughly $100 million for the right to build a glass-walled basketball arena that would anchor the largest private development in the borough’s history, people on both sides of the negotiations said yesterday. The higher bid means that the Metropolitan Transportation Authority, which owns the yard and is perennially in need of cash, would get an extra $50 million to spend on the transportation system. The agency would also get a new, upgraded train yard on land to the west of the existing 8.3-acre yard, which is at the intersection of Atlantic and Flatbush Avenues. The board of the transportation agency could hold a special meeting as soon as Tuesday to approve the deal, according to two executives involved in the talks, who asked not to be identified because of the continuing negotiations.
Offer Is Doubled for Brooklyn Arena [NY Times]
walter crunkite. in the MTA’s infinite wisdom, after they got low-balled by Ratner’s bid of 50 million vs. Extell’s 150 million, they decided to negotiate exclusively, for 45 MORE DAYS, with Ratner to get him to sweetnen his offer. given that chance it still appears that Ratner wants to lowball the MTA and the public.
Extell ofer more 150M but MTA/bloomberg adminstration refuse to negotiate with them.
They decided to talk only to Ratner lower bider.
Public bidding process was a joke all has been set under the table between Ratner, Potaki and Bloomberg and all taxpayers will be royaly f**k with this arena project. Ratner will make a fortune.
I thought it was too late to submit more bids. Wasn’t the deadline a few weeks ago? Or, does it mean that Extell and Ratner are still allowed to up their bids against each other? Also, 150 million is substantially more than 100 million…what’s the point of bidding 100 million when Extell has already offered more than that?
I don’t know… another $50 million to improve our mass transit system seems like a good thing to me.
yet again, a biased article about ratner from the times. doesn’t even mention that he’s still $112 million short of the appraised value of the railyards.
and they let stuckey get away with a quote like “creating a development that complements the borough and the surrounding communities.”
whoa….this guy is gonna have his way 🙁