Wednesday, May 28, 2008

Vornado's a Supplicant-Again!

In today's NY Observer, there's an article on the attempt of the evil twins to resurrect their lucrative Moynihan Station deal-by getting the Port Authority (that's part of the public sector Mr. Roth) to buy Madison Square Garden:

"According to multiple people familiar with discussions, the joint venture of the Related Companies and Vornado Realty Trust wants the Port Authority to come in and buy the current Madison Square Garden, along with its hotly desired air rights, a task that would cost somewhere between $1.5 billion and $2 billion. The developers have told officials that this purchase by the public sector, which would be effectively paid back by the developers should the entire project come together, is necessary to right the troubled large-scale plan. By the public sector taking a risk that the developers apparently find too risky and/or expensive—in the failed plan, billions in funding and numerous agreements for the entire project were needed before the Garden could get a new arena—the developers seem to be reasoning that the Garden would be given enough certainty to be lured back to the table."

This is the same Vornado that's looking to spit in the face of the South Bronx by evicting its one large supermarket, thereby depriving the community of good access to healthy food. Which is one of the major points that will be made today down at City Hall when we gather to throw down the gauntlet to the mayor as well as the Distrusters at Vornado. To paraphrase the old Coasters song: "Look in the dark you'll see my face, don't try to hide I'm everyplace."