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	<title>Observer &#187; Comparing Bids at Atlantic Yards</title>
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		<title>Observer &#187; Comparing Bids at Atlantic Yards</title>
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		<title>Comparing Bids at Atlantic Yards</title>

		<comments>http://observer.com/2005/07/comparing-bids-at-atlantic-yards/#comments</comments>
		<pubDate>Mon, 25 Jul 2005 07:00:00 -0400</pubDate>
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		<description><![CDATA[<p>So, there's been some time now to evaluate the competing bids to develop the Atlantic Yards in downtown Brooklyn. Here's how it looks to The Real Estate:</p>
<p><strong>Cash up front</strong><br />
 FOREST CITY RATNER: $50 million<br />
 EXTELL: $150 million</p>
<p>Estimated cost of covering yards<br />
 FOREST CITY RATNER: $99 million<br />
 EXTELL: $108 million</p>
<p>Estimated cost of other site prep<br />
 FOREST CITY RATNER: $70 million<br />
 EXTELL: NA</p>
<p>Estimated cost of moving yards<br />
 FOREST CITY RATNER: $182 million<br />
 EXTELL: $42 million</p>
<p>Payments to MTA to offset increased costs of operating underground<br />
 FOREST CITY RATNER: $1 million a year for 50 years<br />
 EXTELL: NA</p>
<p>Public Subsidy<br />
 FOREST CITY RATNER: $200 million*<br />
 EXTELL: $150 million</p>
<p>Cost of mass transit improvements<br />
 FOREST CITY RATNER: $29 million<br />
 EXTELL: NA</p>
<p>No. affordable rentals<br />
 FOREST CITY RATNER: 2,250*<br />
 EXTELL: 573</p>
<p>Cost of condos<br />
 FOREST CITY RATNER: NA<br />
 EXTELL: $1.05 million</p>
<p>Maximum height<br />
 FOREST CITY RATNER: 620 feet*<br />
 EXTELL: 287 feet</p>
<p>Eminent Domain<br />
 FOREST CITY RATNER: Yes*<br />
 EXTELL: No</p>
<p>Completion Date<br />
 FOREST CITY RATNER: 2013<br />
 EXTELL: 2010</p>
<p><em>*For entire Forest City project, which extends onto neighboring property.</em></p>
<p>We wonder:</p>
<p>--Is Extell realistic about how much site prep work will cost? Forest City's is partially explained by what a big deal it makes about how much better and nicer the new rail yards will be, and hey, the same people making the decision about the sale are going to be using those yards.</p>
<p>--Will a 1,500-foot condo in Prospect Heights really be worth $1 million? Even in the year 2010?</p>
<p>--Are MTA board members going to read both bids over the weekend? Are they going to read them ever?</p>
<p><em>- Matthew Schuerman</em></p>
]]></description>
		<content:encoded><![CDATA[<p>So, there's been some time now to evaluate the competing bids to develop the Atlantic Yards in downtown Brooklyn. Here's how it looks to The Real Estate:</p>
<p><strong>Cash up front</strong><br />
 FOREST CITY RATNER: $50 million<br />
 EXTELL: $150 million</p>
<p>Estimated cost of covering yards<br />
 FOREST CITY RATNER: $99 million<br />
 EXTELL: $108 million</p>
<p>Estimated cost of other site prep<br />
 FOREST CITY RATNER: $70 million<br />
 EXTELL: NA</p>
<p>Estimated cost of moving yards<br />
 FOREST CITY RATNER: $182 million<br />
 EXTELL: $42 million</p>
<p>Payments to MTA to offset increased costs of operating underground<br />
 FOREST CITY RATNER: $1 million a year for 50 years<br />
 EXTELL: NA</p>
<p>Public Subsidy<br />
 FOREST CITY RATNER: $200 million*<br />
 EXTELL: $150 million</p>
<p>Cost of mass transit improvements<br />
 FOREST CITY RATNER: $29 million<br />
 EXTELL: NA</p>
<p>No. affordable rentals<br />
 FOREST CITY RATNER: 2,250*<br />
 EXTELL: 573</p>
<p>Cost of condos<br />
 FOREST CITY RATNER: NA<br />
 EXTELL: $1.05 million</p>
<p>Maximum height<br />
 FOREST CITY RATNER: 620 feet*<br />
 EXTELL: 287 feet</p>
<p>Eminent Domain<br />
 FOREST CITY RATNER: Yes*<br />
 EXTELL: No</p>
<p>Completion Date<br />
 FOREST CITY RATNER: 2013<br />
 EXTELL: 2010</p>
<p><em>*For entire Forest City project, which extends onto neighboring property.</em></p>
<p>We wonder:</p>
<p>--Is Extell realistic about how much site prep work will cost? Forest City's is partially explained by what a big deal it makes about how much better and nicer the new rail yards will be, and hey, the same people making the decision about the sale are going to be using those yards.</p>
<p>--Will a 1,500-foot condo in Prospect Heights really be worth $1 million? Even in the year 2010?</p>
<p>--Are MTA board members going to read both bids over the weekend? Are they going to read them ever?</p>
<p><em>- Matthew Schuerman</em></p>
]]></content:encoded>
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