Thursday, December 18, 2008

MTA: $1 billion refers to capital plan, not Atlantic Yards

No, the Metropolitan Transportation Authority does not expect $1 billion from Atlantic Yards, as reported erroneously by Reuters yesterday. As announced umpteen times, the authority would be paid $100 million cash for the Vanderbilt Yard.

MTA spokesman Jeremy Soffin says that the reporter wasn't at the MTA meeting at issue. The MTA's 2005-2009 capital plan assumes $1 billion in asset sales, he says, "which obviously includes Hudson Yards, not just AY." Thus the reporter erred in attributing the $1 billion to one project.

It took Reuters more than four hours to post a correction.

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