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ratner article in ny press — Brooklynian

ratner article in ny press

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  • dailyheights
    dailyheights
    BUILD is what you call an "astroturf" organization. The group is designed to look, sound and feel grassroots, but it was conceived in the Forest City Ratner board room with the express purpose of providing the developer a "community organization" it could deal with.
    Uh... is this true? Aaron throws that out there like it's a fact, but I'm sure James Caldwell would at least argue vigorously that the founding of BUILD had nothing to do with Forest City Ratner.
    The lone dissenting vote came from the board's Suffolk County member. Mitchell Pally said both bids were insufficient and rejected the idea of conducting exclusive negotiations with just one bidder, the low bidder at that. Kalikow, a real estate developer for 38 years, countered that he had never negotiated two leases for a property at once. That, he said, would be "immoral." But Kalikow isn't negotiating a lease. He is auctioning off an incredibly valuable piece of public property.
    Even $150 million seems terribly low for a vast expanse of land in one of the world's most expensive cities. How much is Meier paying Union Temple for that postage stamp of space on Grand Army Plaza?
  • puca
    puca

    Subject: Ratner article in ny press

    Yes it's true. BUILD was concieved by FCRC in their boardroom with Assemblyman Roger Green for the express purpose of supporting the proposal. I know someone who was at that initial meeting which took place in Metrotech offices of FCR

    The yards were appraised at $214 million so Ratner's lowball bid of $50 million was a joke, while Extell's bid of $150 million was a lot closer to the real value.
  • alex
    alex

    Subject: Re: Ratner article in ny press

    Puca wrote:

    The yards were appraised at $214 million so Ratner's lowball bid of $50 million was a joke, while Extell's bid of $150 million was a lot closer to the real value.

    According to the MTA it was Extell's bid that was a joke
  • anonymous
    anonymous
    What is the name of this "someone" who attended the meeting?
  • anonymous
    anonymous
    When you consider the buildable sq. footage the property is a bargain, but the lot as is is not a bargain. Typicall the price is around $350 sq. ft., and this site is @ about $637 sq. ft.
  • escap
    escap

    Subject: Re: Ratner article in ny press

    Puca wrote: Extell's bid of $150 million was a lot closer to the real value.
    How do you define real value? Independent appraisal? No. It's as much or as little as a buyer is willing to pay and a seller is willing to take. An appraisal and $2 will get you on the subway, and that's about it. There's no objective measure of "real" value.
  • puca
    puca
    I'd rather keep his name confidential, before speaking to him, but I can tell you that Leroy Gaines head of Washington Ave. Merchants Association(WAMA) was present at this meeting along with I'm pretty sure Randall Toure who at that time was working for SELLOUT Assemblyman Roger Green and now convienently works for Ratner. It's amazing how these things work!
  • carnivore
    carnivore

    Subject: Re: Ratner article in ny press

    escap wrote: [quote=Puca] Extell's bid of $150 million was a lot closer to the real value.
    How do you define real value? Independent appraisal? No. It's as much or as little as a buyer is willing to pay and a seller is willing to take. An appraisal and $2 will get you on the subway, and that's about it. There's no objective measure of "real" value.
    The "real value" is the maximum amount someone would pay in a fair and competitive bidding process in which the seller and all buyers have perfect knowledge of the market. Ratner and his political cronies have done everything possible to limit the extent to which these conditions might be met. However, the Extell bid, as the higher one, by definition is closer to the "real" value.
  • captain m
    captain m

    Subject: Re: Ratner article in ny press

    escap wrote: [quote=Puca] Extell's bid of $150 million was a lot closer to the real value.
    How do you define real value? Independent appraisal? No. It's as much or as little as a buyer is willing to pay and a seller is willing to take. An appraisal and $2 will get you on the subway, and that's about it. There's no objective measure of "real" value.


    That was weak.
  • daveb
    daveb
    blue wrote: I'd rather keep his name confidential, before speaking to him, but I can tell you that Leroy Gaines head of Washington Ave. Merchants Association(WAMA) was present at this meeting along with I'm pretty sure Randall Toure who at that time was working for SELLOUT Assemblyman Roger Green and now convienently works for Ratner. It's amazing how these things work! [/color]
    I'm not stamping my foot and insisting, I say this as a user and not a mod, but could you please not resize text and color it like that? It's like you're shouting everything. Hard to look at, thanks. :)
  • puca
    puca
    No matter how you slice it and call it whatever you want . Real value, fake value $150 MILLION IS MORE THAN $50 MILLION !!!!!!
    So Extell had the higher bid.
  • daveb
    daveb
    Puca wrote: No matter how you slice it and call it whatever you want . Real value, fake value $150 MILLION IS MORE THAN $50 MILLION !!!!!!
    So Extell had the higher bid.
    That is incredibly annoying. Please stop. I can see fine without the resizing and capping.
  • dailyheights
    dailyheights
    I thought the colors were cool... Let Puca be Puca! :)
  • puca
    puca
    Sorry Dave B but I posted before I read your post. I hope this is better.
    I just get so frustrated when people try and twist something that's just common sense.
  • puca
    puca
    Thank you site administrator for letting me be my individual self.
  • daveb
    daveb
    It's really just the sizing and capping. It's equivilent to shouting in webspeak. Colors are cool, but capping and sizing is best to reserve for when you are really meaning to scream something, etiquette-wise. Unless of course you intend to scream everything, in which case people will start resenting you or getting pissy.
  • puca
    puca
    While I'm on the topic does anyone ever wonder who pays the rent for BUILD's offices and who pays their new PR firm that has been seen with them recently?
    They are supposedly a 501c-3 not for profit org.. I think I smell a rat!
  • escap
    escap
    Why did you all assume that by questioning the definition of real value I was supporting Ratner? (all right, all right, I know it's bc I've obviously been supporting Ratner all along). But just to set the record straight, I totally agree that there's no justification for the MTA not taking the highest bid, and for the city having not been more transparent from the get go. The city and the MTA, for their own self-interest for god's sakes, should have all along encouraged multiple bidders and tried to get the most out of that land. Of course I would prefer to see the FCRC plan go in than the Extell plan, but clearly FCRC has benefited from political connections and the MTA caved into govt pressure instead of getting the most $ it could. I was just questioning the relevance of the appraisal, not supporting Ratner in this case.
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