No surprise here, but the MTA Board has approved the sweeter sweetheart deal for Bruce Ratner. Instead of paying anything close to market price for land valued at $214 million four years ago, Ratner will pay the MTA the lump sum of $20 million with deferred payments over the next 22 years totaling $80 million. In return, he will provide a smaller-than-promised rail facility for the Atlantic Yards. Only two MTA Board members — Allen P. Cappelli and Mitchell H. Pally — voted against the new deal.
MTA Board approves renegotiated Ratner deal
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Some will argue that we “have” to take this deal because otherwise the land will remain undeveloped. I say, what’s the rush? This attitude that land must receive its most profitable use ASAP regardless of what the market can bear is what leads to corporate land grabs like the New York Times got a few years ago, and countless others that have shoved rightful owners out of their land over the decades. An unfair gift to a billionaire developer is an unfair gift to a billionaire developer.
Yeah, I don’t get it. This isn’t enough money that it will make or break the MTA budget, and a future deal could be a significant chunk of cash. Why does the MTA care? Are there powerful political forces allied with Ratner that will make things miserable when the MTA is asking for big money from the state?
Considering how many big land grabs Ratner has made over the years, the guy definitely has some big connections.
Didn’t he use to serve in the NYC government?
It;s hard to understand how politicians might feel pressured to support the Atlantic Yards projects at this point. Wouldn’t everyone congratulate them if they opposed it? Maybe no one has mentioned it to them, but anyone can be a celebrated hero at this point by making this bad dream stop. now.