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The bids for the Brooklyn railyards
have been made public: Bruce Ratner's bid for the land to build a Nets arena and skycraper is $50 million in cash - though it's worth $369 million when other parts of the development would be factored in - while the Extell bid for lower buildings is $150 million in straight up cash. While it seems like the MTA could really use the cash from Extell, Ratner would spend $245 million to build a new LIRR storage facility and a new LIRR platform. And there's also question about how much in public funds would used by each bidder: Extell says it'll spend $150 million in public funds, while Ratner would spend around $200 million from a few sources. What's interesting is that the contested land is valued at $214.5 million, according to an MTA appraisal, which means that the MTA still isn't getting the true value. Man, the MTA cannot catch a break.
The MTA has said it could decide on the bids this week; Develop Don't Destroy Brooklyn, which supports the Extell bid, recommends the MTA spend more than two days to deliberate and postpone any voting until September.
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Develop Don't Destroy Brooklyn also recommends reading this so that Gothamist and gotham dwellers can get the muddy numbers clear. Its not too difficult (read: Extell has offered way more cash, and Ratner has padded his piddly $50 million with extras that Extell will build as well.) Thats where Gothamist got it wrong. Ratner and Extell are proposing to build the same things for the MTA, a platform and a new, relocated rail yard. Yet that Greed Machine Ratner decided that those costs should be included in his purchase price.
When I buy some property I'd love to consider the cost of future improvements part of my purchase price. Hey you, your property is worth 100 million? HOW ABOUT I'll give you 50 million for that land, and since i'm going to pour another 50 million into it, why don't you just pretend, along with me, that I'm paying you 100 million.
anyway, I digress. that chart again at DDDB which explains it, is here