$25M for remediation and $75M for a steel platform. Those numbers are not high.
Stadium Discussion
- Thread starter Gene
- Start date
Going back through, I'm actually not completely certain on the actual source, except that S sammy3469 referred to it several times. Below is the first mention:
http://nycfcforums.com/index.php?threads/stadium-discussion.21/page-653#post-242505
The existing proposal says it will cost $75 million more to build the stadium over a deck, plus $25 in connection with an esplanade. I've no idea if those are accurate or justifiable.
But I also note the upfront cost is not the only way the freight trains impact the value. It's harder to sell luxury condos or offices over a working freight yard. The very presence of the trains on an ongoing basis lowers the value of the property.
I am prepared to accept that this could be a sweetheart deal. But so far the only analysis I've seen is that the parcels next door that don't sit over the freight yard sold for $x per square foot and this should be worth the same. That's patent nonsense. Somebody needs to find similar situations and run a comp of how 2 parcels -- side by side -- contrast in price when one is subject to a similar limitation and the other is not. I can't do that. The VV writer also can't, and seems not even to realize it's necessary.
Last edited:
That $75mm is construction, not remediation. Other parties would not need to build that, so it devalues the land particularly to NYCFC.
It's in their RFEI response page 7. They say $25 million to redo the water frontage and then they say $75 million to build the platform to support the stadium over the rail tracks. I'm assuming those are accurate.
Every party would need to build that unless you’re ok with freight trains running through your lobby.
Exactly. Very good. I was wondering when someone was going to jump in and say this.
Right now, the land is just a bunch of railroad tracks and related infrastructure. Those are not going away. So, nothing can be built there until a platform is put on top. The NYCFC bid is offering $100 million in investment to make the land buildable plus $500K/year, indexed for inflation, to lease it.
http://www.crainsnewyork.com/articl...lestate&utm_campaign=cnyb-realestate-20180418
the other proposal for the site a lot more boring than the NYCFC Stadium.
the other proposal for the site a lot more boring than the NYCFC Stadium.
I'm so ridiculous I'm quoting myself, but a follow-on point. The presence of the trains renders something like a stadium a more likely highest use value of the property than would otherwise be true. If there's no freight yard CFG is competing against the entire luxury waterfront market. But with the freight yard lots of other uses are questionable. A stadium is one of the few uses where the developer says, "Gee, occasionally there might be some rumbling and vibrations, fine. Bring it on! We'll make it part of the stadium's personality"
Gotcha, I didn't intend my post to sound like I was necessarily calling you out on that, just saw it mentioned and didn't see the initial citation (though I was certain it was somewhere, just didn't want to take the time to find it myself)
Could someone please explain why the State would/wouldn't want this site?
If that’s a $2.2B project, the number of affordable housing will be a fraction of the number of luxury - they gotta finance it somehow.
Interesting that the article says that only two proposals were entered to the RFEI (yesterday it was mentioned 4 by somebody supposedly inthe know) but that the state may/may not ask for more proposals. That last part is interesting.
Also interesting that the opposing proposal is now revealed. The State can’t get too pissed at Related/NYCFC/SP for their proposal leaking if now both are public. Sounds like cards are being thrown down and the process is moving and looking for public feedback.
Wonder when the Village Voice publishes their critique of 2200 apartments with a majority being luxury?
So we have a 50% chance?
I still haven't not got a straight answer regarding why the RFP hasn't been announced.
Also, still not clear who released the documents and what the purpose of leaking it was. Was this to put pressure on securing Willets Point?
Last edited:
I really wonder where they get the financing for that. L+M are also doing Bronx Point (awarded Sep-Oct '17) through the City and near as I can tell there isn't financing in place for that either unless it's all coming from the city.
Our traffic from google has increased 60% for the period of April 14th-17th over previous week. 45% of those users are new to the forums. People are searching for the team that haven’t before.
Last edited:
