Sunday, September 11, 2005


The Brooklyn Papers provides some crucial context the Times left out

In a 9/10/05 article headlined Ratner doubles down, the Brooklyn Papers provided some crucial context that the Times article of 9/7/07 left out: that, as the Papers' article was subtitled, "Higher bid still far short of MTA site’s value." To quote the article:
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.

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