MTA may have a hard time coming up with a replacement plan for rejected mall

Agency is required by state law to sell its land at fair-market value

New York /
Aug.August 14, 2017 03:50 PM

It might be tough for the Metropolitan Transportation Authority to come up with new plans for a mall in the Bronx that the City Council recently rejected.

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


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Mindspace founders Dan Zakai and Yotam Alroy. (David Garb for Mindspace)
Mindspace gets $72 million induction to continue shared-space expansion
Mindspace gets $72 million induction to continue shared-space expansion
Abalone Point, Laguna Beach California. (Photo D Ramey Logan.jpg from Wikimedia Commons by D Ramey Logan, CC-BY 4.0)
$70 million purchase a record sale in Orange County, California
$70 million purchase a record sale in Orange County, California
Jared Kushner (Getty)
Jared Kushner looks to Persian Gulf for investment-firm financing
Jared Kushner looks to Persian Gulf for investment-firm financing
Chinese President Xi Jinping (Getty)
Chinese regulators ease some real estate controls
Chinese regulators ease some real estate controls
Last remaining Japanese-American farm on LA peninsula to shutter
Last remaining Japanese-American farm on LA peninsula to shutter
Last remaining Japanese-American farm on LA peninsula to shutter
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...