This Almost Makes You Wish They Just Went After It Via Eminent Domain
They must be trying to play us:
The city bought itself a half-acre of land at Willets Point for $3.5 million – snapping up three parcels in Queens’ redeveloping “Iron Triangle” at nearly 10 times their assessed value.
The financials of the Oct. 2 deal with real-estate company BRD Corp. provide the first glimpse into the cost of clearing the 62-acre complex to make way for a multibillion-dollar residential and commercial development.
. . .
The BRD deal was “pretty good” for the seller, said Steve Spinola, president of the Real Estate Board of New York, noting that the price of $161 per square foot exceeded the $100 to $150 average in the outer boroughs.
According to a spokesman for Mayor Bloomberg, the city has $409 million in the capital budget over five years for Willets Point property acquisition, business relocation and infrastructure improvements.
$80-some-odd million a year for contaminated land in the flightpath of LaGuardia makes $16 million for plastic bags look like an absurd drop in the bucket . . .
Location Scout: Iron Triangle.
Posted: November 10th, 2008 | Filed under: Queens, You're Kidding, Right?