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So developers are willing to pay a premium for development rights that will allow them to add more floors, building higher than they otherwise could.
One potential roadblock remaining is a pending lawsuit brought by Hartz Mountain Industries, a large office developer and one of the unsuccessful bidders for development rights at the site.
B1 Rival Bids in Brooklyn A rival bidder to Bruce Ratner, the developer, has made a $150 million cash offer for development rights at the Atlantic railyard in downtown Brooklyn, where he proposes to build a $3.5 billion tower complex that includes a basketball arena.
Where the library is on city-owned land, the developer can avoid the land-acquisition costs and instead pay the city for development rights.
Hyundai is paying North Korea $942 million over the next seven years for development rights.
The $2 million is the largest amount contributed by neighbors for development rights on the East End, Mr. Wilson said.
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Companies, of course, should be in compliance with whatever laws exist to implement these policies, but they are not directly responsible for development, right?
The city and the Metropolitan Transportation Authority, which owns the railyards, selected Related, which agreed to pay $1 billion for the development rights for what would be a $15 billion project over both railyards.
At the same time, the team said it had formed an alliance with six real estate developers who have agreed to supplement the team's bid by paying the state for excess development rights for the stadium.
In many respects, the project is a warm-up for the West Side railyards, where five developers are competing for the development rights.
He did not have an exact figure for what the town paid for the development rights on the 7.56-acre parcel of farmland, but said it was around $2 million.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com