MTA Ignores Fiduciary Duty, Approves Revised Yards Plan
If you read the Atlantic Yards Report’s account of yesterday’s MTA hearing that resulted in a 10-2 vote approving the sale of the Atlantic Yards to Forest City Ratner at a drastically reduced price (in both present and expected value terms), it’s hard not to come to the conclusion that either (a) the people that…
If you read the Atlantic Yards Report’s account of yesterday’s MTA hearing that resulted in a 10-2 vote approving the sale of the Atlantic Yards to Forest City Ratner at a drastically reduced price (in both present and expected value terms), it’s hard not to come to the conclusion that either (a) the people that sit on the MTA Board ain’t too bright or (b) the fix was most certainly in. Or (c) both. The heart of the MTA’s fallacious position was encapsulated by board member Jeff Kay’s defense of the new pricing structure: The market is what the market is, declared board member Jeff Kay.” Um, except that the board rejected a higher price from Extell back in 2005 and has refused to either get a current independent appraisal or solicit new offers to find out what the market price really is. (In fact, at yesterday’s hearing Daniel Goldstein made an offer on behalf of DDDB of $120 million for the property over 12 years—the details of the offer are posted here.) The board ignored Assemblyman Jim Brennan who tried to remind the MTA that it is legally bound not to squander its assets; he also pointed out that the Public Authorities Accountability Act requires an independent appraisal. Council Member Letitia James pointed out the irony that taxpayers bailed out the MTA and now the MTA is bailing out a private developer, adding How can you sell off a valuable public asset without considering market value? Goldstein also said that it’s likely his group will sue the MTA for its actions. Anyway, there’s no point in rehashing the entire play-by-play here. Go read the Atlantic Yards Report’s detailed account and watch the video above.
MTA Approves Deal 10-2 Despite Warnings [AY Report]
Atlantic Yards Project Enters a Crucial Period [NY Times]
Bailout! State Cuts New Deal to Save Stalled Yards [NY Post]
MTA Signs Off on Sweet Atlantic Yards Deal [NY Daily News]
MTA Approves New Deal for Atlantic Yards [WNYC]
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You must not travel on the weekends, as I primarily do. It’s slow, unreliable and erratic then.
no. i do. and there’s always signs up about which trains are rerouted. i dont know, im not doubting you, im sure there are some lines that probably suck bad though.
*rob*
Rob, the point is that the MTA is in a perpetual financial crisis and constantly has a hand out for taxpayer bailouts and fare hikes, yet is basically giving away it’s assets to a developer w/o due diligence. Why would they do that if not related to corruption and/or cronyism? This debate is not so much about NY v. Tokyo’s daily subway experience.
OTOH, I’ve been stuck in a transit strikes in Paris, Rome and Amsterdam. Paris and Rome three times each. And I don’t consider myself to be a person who really travels all that much.
I used illegal but very efficient mini buses in Curacao. Like in many second-world countries.
I dont think the NY system is bad. It would be a bargain at $1/ride if the MTA wasn’t so insanely corrupt.
@rob: Even if we accept your statement that NYC subway is “great,” does that mean that it’s okay for the MTA to waste money in such an egregious manner? I don’t think so.
Our subway is big, and convenient, and relatively cheap (for now). It’s also filthy, in complete disrepair and technologically outdated. Despite those positives, it’s very important that we fight for transparency and accountability- especially now.
Yes, Rob, but the reason they’re packed like sardines is that the system is popular and cars are actively discouraged (you cannot register a car in Tokyo w/o proving you have a parking space, iirc). This does not excuse the crowding, but shows how far behind we are.
And take transit in cites like Paris, Rome, Amsterdam…the frequency is higher; the bus/trains are cleaner; there are no ‘service advisories’ and ‘this train will not stop for the next 55 stops’; and they’re better subsidised. Even Curacao in SA has a wonderful rapid bus system.
You must not travel on the weekends, as I primarily do. It’s slow, unreliable and erratic then.
i forgot about the two sets of books.
maybe we should start a 3rd set of books as a wiki project to see what an arms length run system would be like.
also:
looks like it was 555 5th avenue. not madison. my bad. same logic though. maybe more so.
the whole paying as far as you go thing would be F’ed up considering that most people of modest means are forced to live way out in the middle of no where outer boroughs, dave.
i think our subway system is great. who the hells wants to be tokyo!!? they are packed like sardines in those trains. ick.
*rob*
Wow…Daniel Goldstein is going to sue? Who would have ever thought that would happen? Does he get a volume discount from his attorney?
What Joe said.