Metropolitan Transportation Authority board member Jeffrey Kay says the MTA's latest bailout of Forest City Ratner's Atlantic Yards project is a "no-lose proposition" because the MTA would retain control over its Vanderbilt rail yard, (which it's selling to FCR at a bargain-basement price), even if the developer "flips the property or decides not to build". Kay, Director of the Mayor's Office of Operations, also says no reappraisal is required because "there is no other market" and no "credible" alternatives are available. Kay joined 9 of his colleagues in approving the sweetheart deal at the MTA board meeting on June 24, 2009. More info: atlanticyardsreport.blogspot.com.
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