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| Re: 370 Jay Street - SOLD (1152839) | |||
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Re: 370 Jay Street - SOLD |
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Posted by Terrapin Station on Tue Apr 24 09:47:18 2012, in response to Re: 370 Jay Street - SOLD, posted by BrooklynBus on Mon Apr 23 18:31:26 2012. What I don't understand is how you can get $50 million for a building you don't own but only lease? Is the MTA selling the building or their lease? It's all very confusing. It was explained in the article... The MTA controls the site via a master lease and has the right to stay in the building for $1 a year as long as it is using it. The negotiations hinged on how much it would cost to move or replace it. The other thing I would like to know if they are getting a fair price and the details of the renovation. Will NYU, a private institution pay for the renoivations themselves or will the City help out? Seems pretty clear to me that NYU is paying for it. Under the deal, NYU will have six months to conduct due diligence to confirm the costs associated with renovating the property, which has been underused for about a decade. If all goes well, the MTA and NYPD will begin moving in the fall, and NYU will complete renovations by 2017. Furthermore, the article clearly stated that "the city agreed to provide up to $15 million in benefits to NYU, including public funds and tax and energy abatements to help offset some of the project costs." So that's what the city is doing. If the city was paying for the whole renovation, it would have said so (assuming the renovation will cost more than $15 million). |
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