690490.04-New York Server 3A - MSW
Additionally, through the sale of their property, the MTA and the LIRR are participating in theProject.As indicated on the Site Plan, the Project Site is comprised of numerous parcels of land, (i) mostof which are either currently owned by FCRC or under contract to purchase by FCRC, (ii) asignificant portion of which is comprised of the Yard which is owned by LIRR and MTA, (iii) asmall portion of which is currently privately owned and not under contract for sale to FCRC and(iv) a small portion of which is owned by the City, including certain City Streets (as hereinafterdefined). FCRC has executed a term sheet with the MTA and is presently negotiating thecontracts pursuant to which FCRC (or ESDC or a subsidiary thereof, as designee) will acquire aportion of the Yard and the volume of air space (the "Air Space") above the balance of the Yardstarting at an elevation which will be approximately 20 feet above the rails (the "PlatformElevation"). Based upon the foregoing, FCRC currently owns or has agreements to acquire avery substantial portion of the Project Site.FCRC has an established track record of developing large complex projects in Brooklyn,including MetroTech, Atlantic Center, and Atlantic Terminal, as well as other complex highprofile projects in Manhattan, such as the New York Times Tower and the Times Square HiltonHotel, both of which are part of ESDC's 42nd Street Redevelopment Project. FCRC is anaffiliate of Forest City Enterprises ("FCE"), which was established in 1921, and is a publiclyowned real estate development company listed on the New York Stock Exchange (NYSE: FCE).
The Project Site comprises the following parcels in the Borough of Brooklyn, Kings County,State of New York: the beds of 5
Avenue between Atlantic and Flatbush Avenues (inclusive of the small traffic island) and Pacific Street between Flatbush and 6
Avenues and betweenCarlton and Vanderbilt Avenues (collectively, the "City Streets"); Brooklyn Tax Block 927: Lots1,16; Block 1118: Lots 1, 5, 6, 21-25, 27; Block 1119: Lots 1, 7, 64; Block 1120: Lots 1, 19, 28,35; Block 1121: Lots 1, 42, 47; Block 1127: Lots 1, 10-13, 18-22, 27, 29, 30, 33, 35, 43, 45-48,50, 51, 54-56, 1001-1021 (formerly Lot 35), 1101-1131 (formerly Lot 27); Block 1128: Lots 1, 2,4, 85-89; and Block 1129: Lots 1, 3-6, 13, 21, 25, 39, 43-46, 49, 50, 54, 62, 76, and 81.