Monday, June 15, 2009

What could $20 million buy? A warehouse in the Bronx

Forest City Ratner reportedly wants to pay just $20 million to the Metropolitan Transportation Authority for the portion of the Vanderbilt Yard it needs to build the Atlantic Yards arena. It initially promised to pay $100 million for the whole railyard. This series attempts to add some context.

From the 6/10/09 LoHud.com:
NAI Friedland Realty, a commercial real estate firm based in Yonkers, said that it recently helped complete one of the largest real estate sales of the year in the Bronx. The 144,000-square-foot Paradise Foods warehouse at 1080 Leggett Avenue in the Hunts Point area of the Bronx has sold for $20 million. Manhattan Beer Distributors purchased the 4.9-acre property from Paradise Foods.

That's a little more than twice as much acreage as the section of Vanderbilt Yard at issue, but the warehouse is much smaller than the development planned for the segment of the railyard.

No comments:

Post a Comment