Comments on: Sweetening a sweetheart deal http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/ A New York City Subway Blog Mon, 13 Feb 2012 01:53:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Fernando Ferrar to replace Doreen Frasca on the MTA Board :: Second Ave. Sagas http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/#comment-196959 Fernando Ferrar to replace Doreen Frasca on the MTA Board :: Second Ave. Sagas Tue, 17 May 2011 17:37:24 +0000 http://secondavenuesagas.com/?p=3168#comment-196959 [...] projects, has been one of the more outspoken members of the MTA Board. For instance, she has long cast a wary eye toward the Atlantic Yards deal. Ferrar, on the other hand, is a relative unknown in the [...] [...] projects, has been one of the more outspoken members of the MTA Board. For instance, she has long cast a wary eye toward the Atlantic Yards deal. Ferrar, on the other hand, is a relative unknown in the [...]

]]> By: A groundbreaking at Atlantic Yards :: Second Ave. Sagas http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/#comment-74293 A groundbreaking at Atlantic Yards :: Second Ave. Sagas Thu, 11 Mar 2010 20:25:10 +0000 http://secondavenuesagas.com/?p=3168#comment-74293 [...] than nine months ago, the Board agreed to sweeten their sweetheart deal for the land rights above the Vanderbilt Yards. Instead of a $100 million payment, the agency [...] [...] than nine months ago, the Board agreed to sweeten their sweetheart deal for the land rights above the Vanderbilt Yards. Instead of a $100 million payment, the agency [...]

]]> By: MTA sued over Ratner sweetheart deal :: Second Ave. Sagas | A New York City Subway Blog http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/#comment-65545 MTA sued over Ratner sweetheart deal :: Second Ave. Sagas | A New York City Subway Blog Tue, 13 Oct 2009 19:25:00 +0000 http://secondavenuesagas.com/?p=3168#comment-65545 [...] Tomorrow, the New York State Court of Appeals will hear arguments in a case that could clear the way for Bruce Ratner to construct an arena for the Nets and his Atlantic Yards project above the MTA’s Vanderbilt Railyards. If Ratner wins, the state will be able to use eminent domain to clear out the last remaining residents on Yards’ land. With success for Ratner looking likely, the real estate mogul is now facing a new roadblock from a suit aimed at the MTA over their sweetheart renegotiation of a sweetheart deal. [...] [...] Tomorrow, the New York State Court of Appeals will hear arguments in a case that could clear the way for Bruce Ratner to construct an arena for the Nets and his Atlantic Yards project above the MTA’s Vanderbilt Railyards. If Ratner wins, the state will be able to use eminent domain to clear out the last remaining residents on Yards’ land. With success for Ratner looking likely, the real estate mogul is now facing a new roadblock from a suit aimed at the MTA over their sweetheart renegotiation of a sweetheart deal. [...]

]]> By: AlexB http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/#comment-62159 AlexB Mon, 29 Jun 2009 02:32:54 +0000 http://secondavenuesagas.com/?p=3168#comment-62159 I agree with this comment. Ratner was favored for his proposal and connections, not the price he offered. Considering his proposal has been revealed to be totally crap, why do this dude any favors?? The whole thing is very sad. I hate to say it, but people are going to be staring at this thing for at least 4 decades waiting for the day it can be replaced. I agree with this comment. Ratner was favored for his proposal and connections, not the price he offered. Considering his proposal has been revealed to be totally crap, why do this dude any favors?? The whole thing is very sad. I hate to say it, but people are going to be staring at this thing for at least 4 decades waiting for the day it can be replaced.

]]> By: AlexB http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/#comment-62157 AlexB Mon, 29 Jun 2009 02:28:25 +0000 http://secondavenuesagas.com/?p=3168#comment-62157 the development can happen regardless of ratner. the only difference is that the mta gets less cash. it does not help help the mta in the long run, it's just bad business. the development can happen regardless of ratner. the only difference is that the mta gets less cash. it does not help help the mta in the long run, it’s just bad business.

]]> By: Alon Levy http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/#comment-62076 Alon Levy Thu, 25 Jun 2009 20:54:06 +0000 http://secondavenuesagas.com/?p=3168#comment-62076 George, the alternative is not $100 million, but $150 million, which was the bid competing with Ratner's. What's the point of an auction if you're selling to the lowest bidder? George, the alternative is not $100 million, but $150 million, which was the bid competing with Ratner’s. What’s the point of an auction if you’re selling to the lowest bidder?

]]> By: George http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/#comment-62044 George Thu, 25 Jun 2009 03:26:57 +0000 http://secondavenuesagas.com/?p=3168#comment-62044 And a $100 million lumpsum payment upfront wouldn't have made much of a dent either. Both ways, it's still much needed revenue for an agency that needs a constant infusion of capital. Fact is, it's a nice piece of real estates, sure, but the window of opportunity to build on a project with this type of complexity is narrow, so it definitely is no definite source of future income had they did decide to forego this particular opportunity. And a $100 million lumpsum payment upfront wouldn’t have made much of a dent either. Both ways, it’s still much needed revenue for an agency that needs a constant infusion of capital.

Fact is, it’s a nice piece of real estates, sure, but the window of opportunity to build on a project with this type of complexity is narrow, so it definitely is no definite source of future income had they did decide to forego this particular opportunity.

]]> By: Ed http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/#comment-62038 Ed Thu, 25 Jun 2009 01:52:46 +0000 http://secondavenuesagas.com/?p=3168#comment-62038 As Nicole Gelinas pointed out, the beauty of this is that the MTA is borrowing money at a fairly high interest rate, then turning around and in effect loaning to Rattner at 6%. Its pretty obvious someone was paid off to push through this deal. As Nicole Gelinas pointed out, the beauty of this is that the MTA is borrowing money at a fairly high interest rate, then turning around and in effect loaning to Rattner at 6%.

Its pretty obvious someone was paid off to push through this deal.

]]> By: Benjamin Kabak http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/#comment-62020 Benjamin Kabak Wed, 24 Jun 2009 13:00:21 +0000 http://secondavenuesagas.com/?p=3168#comment-62020 <em>MTA does need a bit of revenue NOW, no matter how much revenue they would be getting.</em> I'm not a fan of this argument. The MTA needs to cover a $1.8 <strong>billion</strong> deficit. The $20 <strong>million</strong> lump sum they are going to get from Ratner now hardly makes a dent. Considering the de minimis nature of this payment, why squander a real estate asset now? MTA does need a bit of revenue NOW, no matter how much revenue they would be getting.

I’m not a fan of this argument. The MTA needs to cover a $1.8 billion deficit. The $20 million lump sum they are going to get from Ratner now hardly makes a dent. Considering the de minimis nature of this payment, why squander a real estate asset now?

]]> By: George http://secondavenuesagas.com/2009/06/23/sweetening-a-sweetheart-deal/#comment-62018 George Wed, 24 Jun 2009 12:56:00 +0000 http://secondavenuesagas.com/?p=3168#comment-62018 Like others have already said, its fine and dandy to say that MTA could just wait for a better deal. But the fact is, in this city, it takes a lot of time and effort to even get a developer to the stage where they are ready to build. Sure, they could put it back out for bid, but which developer would have the financial backing to finish the project? Not many that can, and of those that can, not many would do it in a place like Brooklyn. Keep in mind that the main reason why this site hasn't been built on for such a long time is because of the hefty upcharge to build the gigantic platform over the railroad tracks. It really limits the options that are out there, and MTA does need a bit of revenue NOW, no matter how much revenue they would be getting. Fact is, Forest City is their best bet, and if the NIMBYs hadn't been prolonging this process, MTA would have received their money already and we would have gotten better architecture, but that's not the case. And if the MTA didn't do this deal now, then they'd have to wait a loooong time for something else to come through. Like others have already said, its fine and dandy to say that MTA could just wait for a better deal. But the fact is, in this city, it takes a lot of time and effort to even get a developer to the stage where they are ready to build. Sure, they could put it back out for bid, but which developer would have the financial backing to finish the project? Not many that can, and of those that can, not many would do it in a place like Brooklyn.

Keep in mind that the main reason why this site hasn’t been built on for such a long time is because of the hefty upcharge to build the gigantic platform over the railroad tracks. It really limits the options that are out there, and MTA does need a bit of revenue NOW, no matter how much revenue they would be getting.

Fact is, Forest City is their best bet, and if the NIMBYs hadn’t been prolonging this process, MTA would have received their money already and we would have gotten better architecture, but that’s not the case. And if the MTA didn’t do this deal now, then they’d have to wait a loooong time for something else to come through.

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