The Real Deal reports:
"Columbia University is poised to acquire a 15,000-square-foot city-owned Metropolitan Transportation Authority parcel on 131st Street in the footprint of its Manhattanville expansion plan.
The $3 million transfer, worth $200 per square foot, should occur some time in the spring of 2009, city Law Department spokeswoman Laura Postiglione said. The university will not pay the $3 million in cash, however, but will be credited for work performed at a park called Hudson River Piers that is under development in West Harlem, a source said....
Patrick O'Malley, director of sales in Manhattanville for brokerage Massey Knakal Realty Services, estimated that the property, which is zoned for manufacturing, would normally be worth between $250 and $300 per square foot. But he expected the holdout parcels to command prices far higher because of the looming eminent domain use. "
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