[quote]March 27, 2005 -- A consultant hired by the MTA to evaluate bids for the West Side rail yards is urging officials to reject both the Jets and Cablevision offers because they're way too low, real-estate sources said.
Newmark & Company, brought in by the MTA to study the two bids and a third one from TransGas, believes up to $300 million has been "left on the table," the sources said.
Newmark thinks the bidders lowballed the value of the site's development rights — about 6 million square feet of prime real estate, they said. It pegs the rights as being worth close to $200 per square foot, meaning the site should fetch more than $1 billion, the sources said. [/quote]
WTF!?!
Jake http://www.nypost.com/news/regionalnews/41778.htm
jake · 2005-03-28
[quote]March 27, 2005 -- A consultant hired by the MTA to evaluate bids for the West Side rail yards is urging officials to reject both the Jets and Cablevision offers because they're way too low, real-estate sources said. Newmark & Company, brought in by the MTA to study the two bids and a third one from TransGas, believes up to $300 million has been "left on the table," the sources said. Newmark thinks the bidders lowballed the value of the site's development rights — about 6 million square feet of prime real estate, they said. It pegs the rights as being worth close to $200 per square foot, meaning the site should fetch more than $1 billion, the sources said. [/quote] WTF!?! JakeToo Low?
http://www.nypost.com/news/regionalnews/41778.htm