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Thread: Fulton Center

  1. #1021
    Crabby airline hostess - stache's Avatar
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    The original plan was to demolish the Corbin building so I'm guessing they wanted that entire block with a wider sidewalk.

  2. #1022

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    Quote Originally Posted by RoldanTTLB View Post
    As much as I'm annoyed with the decision, the sidewalk lines up with the extra space coming south on broadway offered by, and I'm sorry I don';t know the name/address of the building, but the awful pink thing just north of the transit center. Because the first floor is set in, there's an extra wide sidewalk, and this matches it. That said, it ends rather abruptly at the corbin building unless there's going to be a secret entrance on this side (which I do not believe is the case).
    Actually, the Corbin building will be refit on the interior and connected to the transit center, so there will indeed be entrances from this side of the block. There are renderings of the inside of the new corbin somewhere..

  3. #1023

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    Quote Originally Posted by macreator View Post
    I just noticed that as well -- I wonder why they couldn't match the Corbin Building's streetwall?
    Quote Originally Posted by RoldanTTLB View Post
    As much as I'm annoyed with the decision, the sidewalk lines up with the extra space coming south on broadway offered by, and I'm sorry I don';t know the name/address of the building, but the awful pink thing just north of the transit center. Because the first floor is set in, there's an extra wide sidewalk, and this matches it. That said, it ends rather abruptly at the corbin building unless there's going to be a secret entrance on this side (which I do not believe is the case).
    If you're referring to the image at the beginning of the video, keep in mind that the front wall of the transit building ends several feet before the Corbin Building. The taller glass structure that is set back abuts the Corbin Building. I think the transit building is in line with the streetwall.

    You can partly see this at 0:40 of the video.

  4. #1024
    Fearless Photog RoldanTTLB's Avatar
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    I see where you're coming from, although the renderings are a hot mess. Some show the transit center sticking out past the corbin building, others show it set back. I don't know what to think. I guess we'll just see what gets built? The new entrances in the corbin building will open to John st, and possibly Broadway facing west, but there will not be a north directed entrance, as that's where the new escalators will come from.

    Related, I would like to sneak some spyshots of the new 2/3/a/c entrances at fulton and William. You can clearly see almost everything bricked up over there and it's looking REALLY nice. This will do wonders for passenger flow over there.

  5. #1025
    Forum Veteran macreator's Avatar
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    Quote Originally Posted by ZippyTheChimp View Post
    If you're referring to the image at the beginning of the video, keep in mind that the front wall of the transit building ends several feet before the Corbin Building. The taller glass structure that is set back abuts the Corbin Building. I think the transit building is in line with the streetwall.

    You can partly see this at 0:40 of the video.
    I see what you mean about the Transit Center itself not abutting the Corbin Building. But what is that taller opaque glass tower that is set back between the Transit Center and the Corbin Building?

  6. #1026

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    Just a guess...The Corbin Building is narrow. Maybe to bring it up to code, they needed to provide secondary exit, and couldn't do it easily inside the building. That tower does reach the top floor.

  7. #1027
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    Quote Originally Posted by ZippyTheChimp View Post
    Just a guess...The Corbin Building is narrow. Maybe to bring it up to code, they needed to provide secondary exit, and couldn't do it easily inside the building. That tower does reach the top floor.
    That's probably a good bet -- makes sense.

  8. #1028

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    That's part of the main building. It houses the elevators for the upper floors of the Corbin Building.

  9. #1029
    Fearless Photog RoldanTTLB's Avatar
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    Around underground...










  10. #1030
    Disgruntled Optimist lofter1's Avatar
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    MTA owes landlord millions over razed building

    Court affirms earlier ruling that found that the agency had low-balled the estimated value
    of a building it seized to make way for the Fulton Street Transit Center downtown.


    Crain's
    July 22, 2011

    A New York state court upheld a ruling against the Metropolitan Transportation Authority stating that the agency undervalued 194 Broadway, a property the agency condemned and demolished to make way for the new Fulton Street Transit Center.

    The unanimous decision late Thursday by the New York Supreme Court Appellate Division's First Department affirmed an August 2009 ruling. The court said the MTA must pay DLR Properties, the owner of the property that stood between Fulton and John streets, $35.2 million for undervaluing the building when the agency took over the property through eminent domain, announced Rosenberg & Estis, the law firm representing DLR. The property company is an affiliate of Riese Organization, which operates a number of popular fast food chains and restaurants, including Kentucky Fried Chicken and TGI Fridays.

    “The law provides that a property owner is entitled to receive just compensation when its property is taken in condemnation proceedings,” said Warren Estis, of Rosenberg & Estis, in a statement. “The MTA had initially low-balled the property owner.”

    An MTA official noted that the agency has already paid DLR/Riese all but $7.8 million of the amount stipulated in the earlier court decision, and that in the wake of Thursday's decision, it is mulling its options. “We are reviewing the decision to determine whether to appeal,” an MTA official said.

    According to court filings, the MTA appraised the three-story retail building at $27.4 million, while DLR/Riese valued the property at $60.3 million.

    Additionally, the court said the MTA is required to pay post-judgment interest at the annual rate of 9%, not the 4% the MTA was arguing for. The MTA is also liable for the claimant's attorney fees and expenses for the condemnation of 194 Broadway in 2006.

    The Eminent Domain Procedure Law allows property owners to seek reimbursement for attorney fees, costs and expenses when the court's condemnation award is substantially in excess of the condemnor's initial valuation, the announcement said. The court upheld the initial ruling that the condemnation award substantially exceeded the MTA's initial valuation, entitling DLR to recover all fees and expenses.

    The building was one of five properties on the full block of Broadway that the MTA took over to build Fulton Street Transit Center.

    © 2011 Crain Communications Inc.

  11. #1031
    Kings County Loyal BrooklynLove's Avatar
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    What a joke. If DLR was holding this place on their books at such an inflated valuation, what does that mean for the rest of their holdings?

  12. #1032
    Disgruntled Optimist lofter1's Avatar
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    It's not clear to me how much total $$ DLR ultimately will get for this building from the MTA.

    If I'm reading correctly it seems that the MTA already agreed to pay $27.4 million. On that the MTA still owes $7.8 m = $19.6 m paid out so far

    If the MTA now has to pay $35.2 m then is that the full total value of the building (meaning $15.6 m remains due to DLR)?

    Or is that $35.2 m in addition to the $19.6 m paid out (meaning the total value of DLR building = $54.8 m)?

    Or am I missing something altogether?

  13. #1033

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    It sounds like the court is valuing th builing at $63-ish million, and that the MTA undervalued it by $35 million.

  14. #1034

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    Given the MTA's worsening financial situation, one wonders how long they can keep their capital plan going, especially taking these kinds of unexpected hits.

  15. #1035

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    Quote Originally Posted by BBMW View Post
    Given the MTA's worsening financial situation, one wonders how long they can keep their capital plan going, especially taking these kinds of unexpected hits.
    Stimulus Package funds helped significantly to the overall health of New York.
    Putting America Back Together
    Obama 2012

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