The MTA and the New York City Economic Development Corporation had supported a plan to build a mall and senior housing project in Baychester called Baychester Square on city-owned land controlled by the MTA, but this plan died last week after local City Council member Andrew King objected to it, citing community opposition, according to Crain’s.
It could now be difficult for the MTA to sell the land, as the agency is required to do so at fair-market value thanks to the New York State Public Authorities Reform Act. It has been sued before when elected officials claim it sold its assets for less than fair-market value.
City Council member and Land Use Committee chair David Greenfield still wants to come up with a new project for the site that will satisfy local opposition, and he told Crain’s that the term “fair-market value” is based on what lawmakers think should be built on the land.
“It isn’t just about what is the most profitable,” he said. [Crain’s] – Eddie Small