Comparing Bids at Atlantic Yards

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:

Cash up front
FOREST CITY RATNER: $50 million
EXTELL: $150 million

Estimated cost of covering yards
FOREST CITY RATNER: $99 million
EXTELL: $108 million

Estimated cost of other site prep
FOREST CITY RATNER: $70 million
EXTELL: NA

Estimated cost of moving yards
FOREST CITY RATNER: $182 million
EXTELL: $42 million

Payments to MTA to offset increased costs of operating underground
FOREST CITY RATNER: $1 million a year for 50 years
EXTELL: NA

Public Subsidy
FOREST CITY RATNER: $200 million*
EXTELL: $150 million

Cost of mass transit improvements
FOREST CITY RATNER: $29 million
EXTELL: NA

No. affordable rentals
FOREST CITY RATNER: 2,250*
EXTELL: 573

Cost of condos
FOREST CITY RATNER: NA
EXTELL: $1.05 million

Maximum height
FOREST CITY RATNER: 620 feet*
EXTELL: 287 feet

Eminent Domain
FOREST CITY RATNER: Yes*
EXTELL: No

Completion Date
FOREST CITY RATNER: 2013
EXTELL: 2010

*For entire Forest City project, which extends onto neighboring property.

We wonder:

–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.

–Will a 1,500-foot condo in Prospect Heights really be worth $1 million? Even in the year 2010?

–Are MTA board members going to read both bids over the weekend? Are they going to read them ever?

- Matthew Schuerman