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  • Thu, July 18, 2019: Develop-- don't destroy.

    3:1 For every dollar that Ratner has offered the struggling MTA, Extell has offered three.

    The MTA's own appraisal for the Yards is $214.5 million.
    Total Purchases Prices for Vanderbilt Yards (aka Atlantic Yards)
    Cash Amount:   $150 million $50 million
    FCRC claims the following line items as part of their purchase price, when in fact, they are costs that any developer would have to bear to build on the site.  Extell budgets these items as part of their construction costs.
    Estimated Payment to MTA for Net Operating Increases over 50 years (PV)   $25.4 million
    Construction of New Vanderbilt Yard   $182 million
    Environmental Remediation & Clean-up   $20 million
    Construction of Mass Transit Improvements   $29 million
    The Estimated Revenues to the MTA from Sales Tax are purely speculative and is not part of the "purchase" of the yards.
    Estimated Revenues to MTA from Atlantic Yards Sales Taxes (PV)   $23 million

    Total Purchase Price Offered:

    $150 million
    ($56/sq. ft)
    $329.4 million
    $50 million
    ($15.15/sq. ft)

    The MTA has appraised the cost of relocating the Yards (building a new yard), and building a platform between $56 and $72 million.

    Extell has estimated the yard relocation and platform cost to be $150 million or less, and has said that they need further discussion with the MTA to understand what their needs are for the new yard. (But the MTA needs to allow TIME for such discussions to take place!)

    FCRC has estimated the relocation and platform cost to be $345 million. That is five to six times as much as the MTA cost estimate, and it seems clear that FCRC has done this to artificially inflate their purchase price with those figures.

    For infrastructure costs Extell anticipates direct subsidies of $150 million, while FCRC anticipates direct subsidies of $200 million. However, in addition to the $200 million, FCRC also expects an unspecified amount contributed by the City and State towards their "extraordinary infrastructure costs", as described in 8ii) of the MoU between the ESDC, City and FCRC. The total "extraordinary infrastructure costs" are shown to be $163,000,000 on page 2.3 of the FCRC bid. These costs include the platform amongst other items.

    For more information on FCRC's direct and indirect subsidies, which total at least $1.6 billion, see

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