MTA To Ratner: Mo' Money!

Endearing themselves to no one except the Mayor, Jay-Z, Marty Markowitz, and Bruce Ratner, the MTA board voted to negotiate with Ratner's group exclusively on the Brooklyn rail yards. Ratner's bid had $50 million in cash, while rival bid from Extell was worth $150 million in cash; the MTA valuation of the land was more like $214.5 million. The MTA is probably reacting to the fact that Ratner is offering to redevelop a lot of transit authority's land and facilities in the area, but they need more cash to make any dealing seem on the up and up. MTA Chairman Peter Kalikow said, "I think the bid that we did get from [Ratner's company] Forest City, while complete and well thought-out, frankly was not as high as I expected." Duh. The one MTA board member who voted against the Ratner negotiation said he wanted the MTA to negotiate with both Ratner and Extell.

Curbed on the Ratner-MTA dealings.

Photograph from Jori Klein for Newsday; Develop Don't Destroy Brooklyn's Daniel Goldstein was at the press conference yesterday, complete with signage!