Sunday, September 11, 2005
The Brooklyn Papers provides some crucial context the Times left out
Citing unnamed sources, identified only as “two executives involved in the talks,” the New York Times on Wednesday reported that a special meeting might be held as soon as this Tuesday, Sept. 13, to approve the deal because developer Bruce Ratner had upped his company’s bid from $50 million to $100 million.
An appraisal of the property for the MTA put its value at $214 million.
The MTA put out a request for proposals, or RFP, for the site on May 26. Although Ratner’s bid was the lower of the two bids submitted by the July 6 deadline, the MTA board on July 27 chose to negotiate exclusively with Ratner.
The competing bid, by Extell Development Company, was for $150 million for the three parcels, and offered to pay to build platforms above them.
The MTA has a board meeting scheduled for Wednesday, September 14, apparently to approve the Ratner bid. Let's see whether the coverage of that meeting mentions the appraised value and the competing bid.