March 22, 2005 -- The Jets offered an astounding $720 million for the West Side rail yards yesterday in a blockbuster deal that has the football squad teaming up with six of the city's biggest real-estate developers, sources told The Post last night.
By huddling with the developers, the team — which wants to build a $1.7 billion stadium on the site — was able to boost its bid to more than seven times what it offered to pay the MTA just a month ago.

The NFL team and Madison Square Garden submitted rival bids to the MTA yesterday afternoon — several hours before the deadline — in the ultra-high-stakes battle for the future of the West Side.

The Jets' bid now calls for buying up all the development rights for the 13-acre site. Its partners would transfer roughly two-thirds of those rights to build on sites in the surrounding district. The Jets have partnered with Glenwood Management Corp., Jack Resnick & Sons, Rockrose Corp., The Related Companies, Donald Zucker Organization and The Brodsky Organization.

Madison Square Garden officials would not say how much they bid for the site.

Earlier this year, the Garden's owner, Cablevision, offered $600 million. But that did not include the cost of a platform over the rail yards — which the MTA would have had to build. The platform is estimated to cost at least $250 million.

The Jets' $720 million offer does not require the MTA to pay for or build the platform, which means that all the money would go directly into the cash-strapped agency.


"After four years of hard work and planning, we are proud to put forward what we believe is the best proposal for the MTA, for straphangers, for the community and for all New Yorkers," said Jets president Jay Cross.

The Jets' share of the bid is $280 million. The team's partners will fork over the additional $440 million for excess development rights that they can use to build larger projects than zoning permits in neighboring areas.

The Jets' bid was delivered to the MTA's Madison Avenue headquarters by 11 former and current Jet players, each carrying two aluminum briefcases.

"We're building it!" shouted former defensive end Joe Klecko, who, like all his teammates, wore a Jets jersey as they marched, single file, into the MTA offices.

The MTA is expected to decide by March 31.

Steven Spinola, president of the Real Estate Board of New York, said he was approached by the developers who were interested in partnering with the Jets. A longtime supporter of the stadium project, Spinola said the real-estate firms believe the stadium will boost the development potential of the surrounding area, making their investment pay off.

The idea of a West Side stadium — a critical element of the city's bid to host the 2012 Olympics — has come under fire from the Garden's owner, Cablevision, and neighborhood groups, as well as local elected officials.

And Democratic mayoral candidates have attacked the $600 million in public financing and the Jets' initial offer.

At a press conference at Radio City Music Hall earlier yesterday, Garden officials outlined their proposal but declined to say how much they're now offering the MTA.

The Garden's proposal calls for construction of 5,800 high-rise apartments, a 750-room hotel, commercial space that would house businesses that support the theater district, a five-acre park and room for an elementary school and library. The project would be built in phases, with completion slated for 2018.

"We expect our proposal will be better than any other proposal in every way," said Garden Vice President Hank Ratner.

Garden officials estimate that their plan would employ more than 3,000 construction workers annually for 12 years until the project is done and it would generate $275 million in new taxes for the city and state by 2018.

"Overall, we think this will be a significant addition not only to this area of the city, but also to all five boroughs. Its impact to the economy will be substantial," said Andrew Lynn, also a vice president at Madison Square Garden.

Jim Whelan, head of the pro-stadium Hudson Yards Coalition, blasted the Garden's plan.

"They have no ability to pull it off," Whelan said. "All this is about is preserving their monopoly for sports and entertainment venues in New York City."

Meanwhile, Mayor Bloomberg, a staunch supporter of the stadium plan, said again that the city would support any developer chosen by the MTA to build on the rail yards.

"If it's Cablevision that wins then we will cooperate with them and we'll give them the same help that we have been giving to the Jets and anybody that wants to build in this city," Bloomberg said.

But Bloomberg said that picking a winning bid is more complicated than just choosing the proposal with the highest dollar figure attached to it.

"This is not like selling a house," Bloomberg said yesterday. "There are enormous differences and complexities in a project of this size. There are dollar amounts, but dollar amounts are measured in different ways."

Sources said the Jets would be willing to close on a deal with the MTA by May 2. The team had originally hoped to begin construction by June, but city officials have said recently they expect the start date would be about six weeks behind schedule.

Jackson1011 Wrote:March 22, 2005 -- The Jets offered an astounding $720 million for the West Side rail yards yesterday in a blockbuster deal that has the football squad teaming up with six of the city's biggest real-estate developers, sources told The Post last night.
By huddling with the developers, the team — which wants to build a $1.7 billion stadium on the site — was able to boost its bid to more than seven times what it offered to pay the MTA just a month ago.

The NFL team and Madison Square Garden submitted rival bids to the MTA yesterday afternoon — several hours before the deadline — in the ultra-high-stakes battle for the future of the West Side.

The Jets' bid now calls for buying up all the development rights for the 13-acre site. Its partners would transfer roughly two-thirds of those rights to build on sites in the surrounding district. The Jets have partnered with Glenwood Management Corp., Jack Resnick & Sons, Rockrose Corp., The Related Companies, Donald Zucker Organization and The Brodsky Organization.

Madison Square Garden officials would not say how much they bid for the site.

Earlier this year, the Garden's owner, Cablevision, offered $600 million. But that did not include the cost of a platform over the rail yards — which the MTA would have had to build. The platform is estimated to cost at least $250 million.

The Jets' $720 million offer does not require the MTA to pay for or build the platform, which means that all the money would go directly into the cash-strapped agency.


"After four years of hard work and planning, we are proud to put forward what we believe is the best proposal for the MTA, for straphangers, for the community and for all New Yorkers," said Jets president Jay Cross.

The Jets' share of the bid is $280 million. The team's partners will fork over the additional $440 million for excess development rights that they can use to build larger projects than zoning permits in neighboring areas.

The Jets' bid was delivered to the MTA's Madison Avenue headquarters by 11 former and current Jet players, each carrying two aluminum briefcases.

"We're building it!" shouted former defensive end Joe Klecko, who, like all his teammates, wore a Jets jersey as they marched, single file, into the MTA offices.

The MTA is expected to decide by March 31.

Steven Spinola, president of the Real Estate Board of New York, said he was approached by the developers who were interested in partnering with the Jets. A longtime supporter of the stadium project, Spinola said the real-estate firms believe the stadium will boost the development potential of the surrounding area, making their investment pay off.

The idea of a West Side stadium — a critical element of the city's bid to host the 2012 Olympics — has come under fire from the Garden's owner, Cablevision, and neighborhood groups, as well as local elected officials.

And Democratic mayoral candidates have attacked the $600 million in public financing and the Jets' initial offer.

At a press conference at Radio City Music Hall earlier yesterday, Garden officials outlined their proposal but declined to say how much they're now offering the MTA.

The Garden's proposal calls for construction of 5,800 high-rise apartments, a 750-room hotel, commercial space that would house businesses that support the theater district, a five-acre park and room for an elementary school and library. The project would be built in phases, with completion slated for 2018.

"We expect our proposal will be better than any other proposal in every way," said Garden Vice President Hank Ratner.

Garden officials estimate that their plan would employ more than 3,000 construction workers annually for 12 years until the project is done and it would generate $275 million in new taxes for the city and state by 2018.

"Overall, we think this will be a significant addition not only to this area of the city, but also to all five boroughs. Its impact to the economy will be substantial," said Andrew Lynn, also a vice president at Madison Square Garden.

Jim Whelan, head of the pro-stadium Hudson Yards Coalition, blasted the Garden's plan.

"They have no ability to pull it off," Whelan said. "All this is about is preserving their monopoly for sports and entertainment venues in New York City."

Meanwhile, Mayor Bloomberg, a staunch supporter of the stadium plan, said again that the city would support any developer chosen by the MTA to build on the rail yards.

"If it's Cablevision that wins then we will cooperate with them and we'll give them the same help that we have been giving to the Jets and anybody that wants to build in this city," Bloomberg said.

But Bloomberg said that picking a winning bid is more complicated than just choosing the proposal with the highest dollar figure attached to it.

"This is not like selling a house," Bloomberg said yesterday. "There are enormous differences and complexities in a project of this size. There are dollar amounts, but dollar amounts are measured in different ways."

Sources said the Jets would be willing to close on a deal with the MTA by May 2. The team had originally hoped to begin construction by June, but city officials have said recently they expect the start date would be about six weeks behind schedule.

Jackson: As you could guess by my prior posts on this subject, I've got mixed emotions about this.


NBC TV here yesterday also reported one other bidder, Transgas Corp that bid nearly 1 Billion for the site. Didn't notice that in your post. They did not state what this company proposed as far as development. I think what is proposed, plus the money will be the deciding factor.

It was also reported that a new round of bids would be invited next week.