Tuesday, February 05, 2008

The ESDC won't ignore the market, in Manhattan, at least

When it comes to declaring parts of Prospect Heights blighted, the Empire State Development Corporation (ESDC) conducted no market analysis, as a lawyer for the petitioners challenging the Atlantic Yards environmental review pointed out in court last May.

And the Metropolitan Transportation Authority waited 18 months after city and state officials announced support for Forest City Ratner's developher as the Atlantic Yards developer to issue a Request for Proposals for the Vanderbilt Yard

When it comes to selling two parcels of land adjacent to the Javits Convention Center to raise money for Gov. Eliot Spitzer's budget, however, the ESDC wants very much to consider the market.

Anticipating a "market test"

From a New York Times article Monday, headlined Spitzer’s Budget Plans, and the Iffy Real Estate Deals Behind Them:
There is also the question of how a sale of the southern parcel, which is also about 3.6 acres, would fare in a tenuous real estate market.

“I think this is a valuable piece of land in a part of the city that is undergoing significant development,” said Patrick J. Foye, the downstate chairman of the Empire State Development Corporation.

“We think that it’s worth significantly north of $400 million,” he added. “Obviously a market test will confirm what it’s worth.”

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