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Hey, Now! $500 Million West Side Railyard Reset
By
Jen Chung
Published Jul 7, 2006
Modified Mar 7, 2008
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By
Jen Chung
Published Jul 7, 2006
Modified Mar 7, 2008
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Check it out! The Mayor Bloomberg, hoping to make Hudson Yards lemonade out of failed Jets Stadium lemons, along with West Side Stadium opponent City Council Speaker Christine Quinn have offered the MTA $500 million for the West Side Railyards. The two officials sent the MTA an "unexpected" offer letter, which has the city paying $300 million for the "Western Rail Yard" (where the Jets Stadium would have been) and $200 million for the Eastern Rail Yard. The $300 million is already $50 million more than the Jets offered for that parcel and is in line with what the MTA wanted last year, but the MTA appraised it at $923 million. Speaker Quinn said, "Together the city must work to create a mixed-use commercial and residential district, one that protects existing residents, businesses and manufacturers while also creating new employment opportunities, affordable housing, and parks." In other words, let's jampack Manhattan with everything while the iron is hot.
MTA Chairman Peter Kalikow said the agency would seriously consider the offer. Well, duh, the MTA needs $1 billion in land sales for its budget. And, Fireman Ed, don't go thinking a new stadium would be built - this plan offered by the city would make sure any proposals go through the city's Land Use Review.
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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