Inflation in Brooklyn

September 7, 2005
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The Times reports that Forest City Ratner has doubled its offer for the MTA rail yard on which it wants to build part of its Atlantic Yards complex in Brooklyn--basketball arena, offices, retail and housing. The story cites unnamed transportation officials who doubted whether Ratner's rival, Extell Development Company, included a new rail yard as part of its bid. The funny thing is that Extell's July 6 bid clearly did. Though the company would not spend as much as Forest City, Extell President Gary Barnett wrote at the time that his proposal "fully respects" the requirements "concerning MTA and LIRR transportation uses, which must be maintained during construction and permanently thereafter." As we reported before, the bid estimates that up to $42 million would be needed for relocating the tracks.

The MTA board could vote as early as next Tuesday.

-Matthew Schuerman

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