Atlantic Yards down the memory hole: LIRR improvements being delivered "free of charge," declares Newsday
The $100 million real estate deal that led to the Barclays Center being built over a century-old rail yard is beginning to pay dividends for the Long Island Rail Road and its Brooklyn commuters, officials said.Well, wait a second. It's not free. The improvements are part of a deal in which the MTA/LIRR sold 3.6 million square feet of development rights to Forest City at a figure well below the appraised value of $75 per buildable square foot.
Seven years into the construction of a state-of-the-art new storage facility to replace the original Vanderbilt Yards, workers will soon punch through a 171-year-old rail tunnel to provide trains, for the first time, a direct path between the yard and Atlantic Terminal.
It's one of many improvements to the LIRR's Brooklyn operation that are being delivered to the railroad free of charge by Greenland Forest City Partners, a joint venture between Greenland and Forest City Ratner, developer of the Barclays Center and adjacent Pacific Park residential project.
"A project like this has to be a win-win for everybody," said Ratner vice president Thomas Bonacuso, who heads the project. "Brooklyn has become a brand. Brooklyn is hot. We and the railroad capitalized on that and were able to bring improvements to their rail yard that wouldn't have been possible under their own resources."