HOW
THE BIDS STACK UP:
3:1
For every dollar that Ratner has offered the struggling
MTA, Extell has offered three.
PURCHASE PRICE
The MTA's own appraisal for the Yards is $214.5
million.
|
| Total
Purchases Prices for Vanderbilt Yards (aka Atlantic Yards)
|
| |
EXTELL
BID |
RATNER
BID |
| 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) |
SITE
IMPROVEMENTS
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.
SUBSIDIES
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,
tax breaks, and below market land, which total at
least $2.19 billion, see: www.dddb.net/documents/mou/AYardsSubsidies.pdf |
