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MTA: West Side Rail Yard Sale On Hold

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Sep 15, 2006 9:50 am US/Eastern

MTA: West Side Rail Yard Sale On Hold

NEW YORK (CBS/AP) ― The MTA has taken its West Side rail yards of the block, at least until after the November election.

Mayor Michael Bloomberg had been pushing to have to the city buy the rail yards for $500 million.

However Eliot Spitzer, who is a leading candidate for governor, has said the $500 million price tag is too low.

A recent MTA appraisal has valued the rail yards at $798 million if it is zoned for manufacturing and valued at $1.25 billion if it is zoned for residential-commercial use.

Westchester Assemblyman Richard Brodsky says there appears to be a rush to sell the land to the city.

But MTA Chairman Peter Kalikow says although the city's offer is the only one on the table now, there won't likely be a deal this year.

(© 2006 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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