Well, it looks like the ESDC has in fact coughed up the financial projections for the Atlantic Yards project. We haven’t had time to go through them too closely, but at first glance they do not paint as profitable a picture as many opponents suspect, generating a mediocre IRR of 9.6 percent. The biggest thing that jumps out at us is that they show that FRC is planning to sell off most of the pieces of the project in 2015. Either that, or they just needed to estimate a terminal value and that seemed as good a year as any. We’re sure others far more qualified to analyze this stuff will be able to offer more insightful analysis. We’ve provided links to the three documents below. Have fun.
1) AY Cash Flows Returns
2) Combined IRR
3) Nets Arena Cash Flows

Earlier coverage and discussion:
ESDC Forced to Cough Up Financial Docs on AY [Brownstoner]

And Norman Oder’s response…
ESDC-released Documents Lack Vital Information [AY Report]

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