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“You don’t know what the f-ck you are getting”: The new leasing paradigmMTA 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
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