The end of Aqueduct?

[pweizer]

The full story is here:

http://www.nydailynews.com/news/2007...last_legs.html

Basically, the main gist is this:

The governor finally addressed rumors about Aqueduct by saying the 192-acre horse-racing complex might be shuttered, leaving Belmont and Saratoga as the state's only Thoroughbred tracks.

"Whether or not you have racing at Aqueduct, you have an enormous piece of land there that can and should be used for some other things," Spitzer told the Daily News Editorial Board. "That's a remarkably valuable piece of land from a public perspective."

Those are magic words to real estate developers, who may soon get a chance to submit fresh proposals for the rundown track, which sits on a parcel of land that could be worth $1 billion.

"This type of square footage hasn't been available in a hog's age," said Peter Von Der Ahe, a director at the real estate investment firm Marcus & Millichap in Manhattan. He predicted every large developer in the city would pursue the property, which is 12 times the size of Ground Zero.

[Left Bank]

How can he say something like that about something he does NOT own?

[philcski]

How they think a plot of land in South Ozone Park is that valuable to developers is beyond me.

[the_fat_man]

Originally Posted by philcski

How they think a plot of land in South Ozone Park is that valuable to developers is beyond me.

That's the $10,000 question. Why is this land so valuable?

1) because it's right by the highway (BELT and Van WYCK) and thus suffers from traffic noise and constant congestion

2) it's under a JFK airport fly zone ---so when the cars aren't zooming by the planes are zooming overhead

3) it's not near a body a water

4) it's not in a particularly good or coveted neighborhood ---Howard Beach is on the east side of the Belt

Why would anybody want to live there as opposed to any other area that's in a fly zone and by major highways?

Splitzer is following Bloomberg here and assuming that EVERYBODY is an IDIOT


I just realized why: cause you can get some good ETHNIC food (West Indian, Indian, Arab, etc) in the area. That must be it.

[philcski]

Originally Posted by the_fat_man

That's the $10,000 question. Why is this land so valuable?

1) because it's right by the highway (BELT and Van WYCK) and thus suffers from traffic noise and constant congestion

2) it's under a JFK airport fly zone ---so when the cars aren't zooming by the planes are zooming overhead

3) it's not near a body a water

4) it's not in a particularly good or coveted neighborhood ---Howard Beach is on the east side of the Belt

Why would anybody want to live there as opposed to any other area that's in a fly zone and by major highways?

Splitzer is following Bloomberg here and assuming that EVERYBODY is an IDIOT


I just realized why: cause you can get some good ETHNIC food (West Indian, Indian, Arab, etc) in the area. That must be it.

100% correct...

I might be the only person on this board who's actually lived in Ozone Park, and I can tell you for the reasons above it isn't a real nice place to live especially when compared to other locations in Queens (of which there are many lovely places to live.)

[trifecta124]

Originally Posted by the_fat_man

That's the $10,000 question. Why is this land so valuable?

1) because it's right by the highway (BELT and Van WYCK) and thus suffers from traffic noise and constant congestion

2) it's under a JFK airport fly zone ---so when the cars aren't zooming by the planes are zooming overhead

3) it's not near a body a water

4) it's not in a particularly good or coveted neighborhood ---Howard Beach is on the east side of the Belt

Why would anybody want to live there as opposed to any other area that's in a fly zone and by major highways?

Splitzer is following Bloomberg here and assuming that EVERYBODY is an IDIOT


I just realized why: cause you can get some good ETHNIC food (West Indian, Indian, Arab, etc) in the area. That must be it.

Howard Beach is worse than Ozone Park....

The Land is built on a swamp
The people have no regard for parking regulations (Triple parking and blocking lanes on Cross Bay Blvd.)
The Planes actually hit peoples rooftops as they land @ JFK.

[kenny p]

Originally Posted by philcski

How they think a plot of land in South Ozone Park is that valuable to developers is beyond me.

Have you checked home prices in that area lately? Even next door in East New York they are rising real quick. New 3 families on Fountain Ave go for 600,000. And they are right near the Pink Houses. I really wish they would just keep The Big A. KP

[Storm Cadet]

Originally Posted by philcski

How they think a plot of land in South Ozone Park is that valuable to developers is beyond me.

Additional and much needed hotel space across the street from JFK??? Are you kidding...the hotels near JFK are average at best and always sold out. Hotels for the most part, especially large chain hotels across the street from a major INTERNATIONAL airport are hugely profitable.

[Danzig]

Originally Posted by Kimmeastar

How can he say something like that about something he does NOT own?

guess he's from the same school as hillary, who wants to take oil co profits!

[Cannon Shell]

Originally Posted by Kimmeastar

How can he say something like that about something he does NOT own?

Eminent Domain

[Left Bank]

Originally Posted by Cannon Shell

Eminent Domain

I don't think he could get away with the eminent domain deal on this.It would be 5- 10 years before it all was settled by the courts also,IMO

[Cannon Shell]

Originally Posted by Kimmeastar

I don't think he could get away with the eminent domain deal on this.It would be 5- 10 years before it all was settled by the courts also,IMO

Dont be so sure of that
http://www.cbsnews.com/stories/2003/...in575343.shtml


Of course the state would say that they own the land so the money will go to them or they will force NYRA to cede the land to the state in order to remain at Belmont and Saratoga or about a million other scenarios

[Sightseek]

Originally Posted by Cannon Shell

Dont be so sure of that
http://www.cbsnews.com/stories/2003/...in575343.shtml


Of course the state would say that they own the land so the money will go to them or they will force NYRA to cede the land to the state in order to remain at Belmont and Saratoga or about a million other scenarios

The bankruptcy could complicate this.

[Left Bank]

Originally Posted by Cannon Shell

Dont be so sure of that
http://www.cbsnews.com/stories/2003/...in575343.shtml


Of course the state would say that they own the land so the money will go to them or they will force NYRA to cede the land to the state in order to remain at Belmont and Saratoga or about a million other scenarios

I would think that if the state claimed eminent domain,it would be an admission that NYRA owns the land,thereby screwing themselves.If Spitzer thinks the state owns the land,why claim eminent domain?I think Spitzer is digging himself into a BIG hole here.

[Rudeboyelvis]

If someone actually was willing to pay a billion dollars for that dump, god bless them. Take the money and run. I'm sure the developers of these "luxury hotels and golf courses" have taken into account that they are basically in the parking lot of the largest international airport in the world, with scheduled flights around the clock. I know there is no sound more comforting in the middle of my back swing than the unexpected roar of jet blast every 3 minutes

Not that it would ever happen, but I'd like to see them go back to 'Toga after the fall Belmont meet up until they shut down for the holidays, then stay dark until Belmont opens again in the Spring. The winter racing at Aqueduct has been laughable, that is when it isn't canceled for weather

[SentToStud]

$1,000,000,000
~ 200 Acres
= $5,000,000 / Acre

If you built 15 homes per acre, what would they go for there? $700,000?

[Cajungator26]

Originally Posted by SentToStud

$1,000,000,000
~ 200 Acres
= $5,000,000 / Acre

If you built 15 homes per acre, what would they go for there? $700,000?

I'm guessing that's cheap in NY?

[ateamstupid]

Originally Posted by Cajungator26

I'm guessing that's cheap in NY?

I guess, but Ozone Park isn't exactly one of NYC's hottest neighborhoods.

All of those are in Brooklyn.

[trifecta124]

Originally Posted by ateamstupid

I guess, but Ozone Park isn't exactly one of NYC's hottest neighborhoods.

All of those are in Brooklyn.

I grew up in Ozone Park about 1 mile from Aqueduct....Needless to say I don't live in Ozone Park anymore. I never liked the neighborhood and it gets worse all the time. However, you cannot say that Brooklyn is fantastic either. Everywhere you go in NYC you are paying a lot of money for very little property. That's just the way it goes.

[philcski]

Originally Posted by SentToStud

$1,000,000,000
~ 200 Acres
= $5,000,000 / Acre

If you built 15 homes per acre, what would they go for there? $700,000?

Your logic isn't that far off, but I think (a) the number of homes per acre is probably closer to 8 in that neighborhood, and (b) the price would probably be around $400k for your standard 3BR/2BA. There just isn't that much appeal or demand for Ozone Park, it's a long commute to the city and offers very little otherwise.