"Today's context," they say, justifies bigger buildings. But the 2005 appraisal and bid for MTA development rights, in a different context, envisioned less bulk. Value of boost: $320M?
We also need to add in the cost of ESD forgoing the penalties to the developer of $2000 a month for each unit of affordable housing that hasn't been built by June of this year according to the settlement with BrooklynSpeaks in 2014.
I think that adds up to another $168 million in subsidies LCOR and Cirrius is getting if the first unit of housig isnt built until 2030
Arguably that cost should be born significantly by Greenland, the developer that was on the hook. They still have a piece of the project but their stake is unclear.
I’m having difficulty understanding how this extra bulk could be assumed free while infrastructure costs such as water and sewage, traffic control, schools, taxi and bus demands/congestion all grow to a breaking point with the increase. Thanks for the analysis here!
Im assuming the developer is asking and will be getting the cost of building the platform for free, on top of the extra 1.6 million sq. feet of bulk free (Hudson yards developer got
$2 Billion from the NYC for a platform) to build it, but NYS taxpayers will be on the hook for all of it and the neighborhood will suffer the quality if life impacts from all the congestion and increase in population.
great article
We also need to add in the cost of ESD forgoing the penalties to the developer of $2000 a month for each unit of affordable housing that hasn't been built by June of this year according to the settlement with BrooklynSpeaks in 2014.
I think that adds up to another $168 million in subsidies LCOR and Cirrius is getting if the first unit of housig isnt built until 2030
Arguably that cost should be born significantly by Greenland, the developer that was on the hook. They still have a piece of the project but their stake is unclear.
I’m having difficulty understanding how this extra bulk could be assumed free while infrastructure costs such as water and sewage, traffic control, schools, taxi and bus demands/congestion all grow to a breaking point with the increase. Thanks for the analysis here!
Im assuming the developer is asking and will be getting the cost of building the platform for free, on top of the extra 1.6 million sq. feet of bulk free (Hudson yards developer got
$2 Billion from the NYC for a platform) to build it, but NYS taxpayers will be on the hook for all of it and the neighborhood will suffer the quality if life impacts from all the congestion and increase in population.