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Re: A VERY Lost A Train!

Posted by JayZeeBMT on Sun Apr 13 18:36:54 2014, in response to Re: A VERY Lost A Train!, posted by SelkirkTMO on Sun Apr 13 18:07:02 2014.

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I always wondered about the financial shell game that went on between the MCTA and Budd/GE. I clearly remember seeing plates in the '70s, on the M-1s that read, "Port Authority Of New York and New Jersey--Owner and Lessor". If Chase and the other investors originally owned the cars, how did PANYNJ end up with them? Somebody, somewhere, made a bundle off THAT deal, however it happened.

Interestingly, the strange game continues, with real estate developers snapping up the air rights to the High Line Park, which, of course, was sold to Peter Obletz, a railfan, for $10 in 1984, but it reverted back to Conrail five years later. Eventually, CSX inherited the High Line, and the STB ruled the structure could be repurposed in 2005. The real-estate barons have been in a feeding frenzy ever since, driving up property values (and rents) all the while. The banks are in it, the city is in it, and poor Obletz is crying himself to seep every night, wishing he'd done something with the property.

The parallels to the MCTA business are, Chase is one of the big sponsors of the High Line, and, in fact, is financing a LOT of the area's redevelopment. I'll bet those banksters even knew about the (7) line Javits extension before anybody else...the (&) line, when the extension opens, will directly abut the extension of the High Line. How's THAT for being slick?

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