Ratner’s ‘Mr Brooklyn’ deal gets sweeter

The Brooklyn Paper
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City University is offering to sweeten its deal with developer Bruce Ratner, The Brooklyn Paper has learned.

Last month, CUNY’s Board of Trustees voted to pay Ratner $307 million to build a new 11- to 14-story laboratory and classroom building for City Tech in Downtown Brooklyn — a whopping $221 million more than the $86 million the university system originally offered the developer in 2004.

The request for additional cash will be taken up by the state legislature next month.

In addition to the fee for constructing the new college building, Ratner would also get control of a lucrative site on the southeast corner of Jay and Tillary streets — a Downtown plot where he is reportedly planning the city’s tallest residential tower, the so-called “Mr. Brooklyn.”

CUNY selected Ratner’s development company to build the 335,000–square-foot building in 2005. Since then, the university and Forest City Ratner have been in negotiations that led to last month’s proposal to increase Ratner’s take.

A CUNY spokesman said that the university’s request for more money from the state does not seal the deal. What Ratner will eventually be paid for his construction services will not be finalized until more negotiations between CUNY and the developer are concluded, he said.

But at this point, negotiations have been going in Ratner’s favor. CUNY’s original 2004 request for proposals promised the winning developer $86 million to build the City Tech lab on the southeast corner of Jay and Tillary streets, plus 1 million square feet in development rights.

The cost of the building has swelled to more than $300 million — and in addition to the extra cash, CUNY is offering to enhance Ratner’s “Mr. Brooklyn” project by building a park on Tillary Street between Jay and Bridge streets.

With his development rights, Ratner is reportedly planning a 700- to 1,000-foot residential behemoth designed by Renzo Piano, the same starchitect behind his well-received Times Tower in Manhattan.

Mr. Brooklyn would include 600 market-rate apartments and serve as a shimmering new corridor into Ratner’s Metrotech Center, an office complex that covers 10-block swath of Downtown.

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Reader Feedback

al pankin from jay st, boro hall says:
this is great news. I hope he builds soon. this area is a run down site in need of renewal. maybe he can also get 370 jay st. (the transit building) the transit authority has had the scaffolding around the building for ten years. maybe Ratner could tear down that eyesore and build a first class building. it's probably cheaper than paying the rent for the scaffold for so long. hope he gets started soon.
Dec. 21, 2007, 7:36 am
maverick says:
This is excellent.
Go Ratner! I can not wait to see this wonderful addition to the brooklyn skyline.
Dec. 21, 2007, 10:25 am
the estimator from downtown says:
don't you need to do a little research into how much building costs have gone up in the past three years, in order to put the increase in some perspective?
Dec. 21, 2007, 11:04 am
Kyle Scott from Carroll Gardens says:
Go Brooklyn Go!

Anyone who thinks that less is more in Downtown Brooklyn is lost. Let's grow the downtown area as much as possible and keep jobs and residents in NYC. We've already lost enough to that other state over the Hudson.

Dec. 22, 2007, 6:14 pm
Faywani from Crown Heights says:
What a tremendous idea... I'm at ahh, such anticipation for the finalization of this project...I say go City Tech and go Brooklyn. Go all the way, its a 100% of a great idea.
Jan. 29, 2008, 10:13 am

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