The Empire State Development Corporation released Atlantic Yards’ 361-page funding agreement on Friday, the same day The New York Times ran an article in which developer Bruce Ratner acknowledged, for the first time, that the economy could substantially delay his project. According to the agreement, either party can pull out of the project at any time before eminent domain proceedings have been finalized, pending a decision on an appeal to the federal Supreme Court. In most scenarios, the city would gain control of the land and be required to build at least 1,199 market-rate and 646 affordable units. (By comparison, Ratner’s project was supposed to have 4,180 market-rate and 2,250 affordable units.) Even if Ratner proceeds as planned, though, the document reveals that he may take a lot longer to complete it than previously disclosed: He would be required to start arena construction within one year, or four years if forces beyond his control prevent construction. He would be required to finish arena construction within six years, and the five towers of Phase 1 in 12 years. As for the 11 towers in Phase 2, which are expected to contain the lion’s share of the affordable housing component, there is no time limit specified. Forest City Ratner spokesman Loren Reigelhaupt said the construction timetable outlined in the agreement is a minimum requirement, a worst-possible scenario. Atlantic Yards opponent Daniel Goldstein, at risk of losing his home to make way for the arena, said new information in the agreement amounts to a bait and switch, and called on the state to take another look at the project.
Read the Fine Print [Atlantic Yards Report]
PDF: Atlantic Yards Funding Agreement [DDDB]
Photo by Tracy Collins
Scaffolding went up on the Montauk Club at 25 8th Avenue in Park Slope earlier this month. Looks like they might be repointing the brick in the front. Anyone know what they’re doing? Incidentally, when there was scaffolding on the landmark building in 2011, six brides threatened to sue to get their deposits back.
A mixed-use row house that looks like it will fit in well with the neighbors is going up at 202 Grand Street in Williamsburg, in what was previously an empty lot. We’re happy to see the heights of the stories are in keeping with the context. This has potential, depending on what finishes are chosen. […]
Winter has finally packed its bags, and it’s a perfect time to plant all manner of trees, perennials and annuals. It is also a great time to weed and reseed your lawn, before the weather gets so warm Bermuda grass takes over. Warmer days and frequent rains give everything a good start. In preparation for […]
Seven homes out of nine have sold at the Townhouses of Cobble Hill development, according to a PR rep. The Landmarks-approved modern-yet-contextual houses at 110-126 Congress Street went on the market in May for $3,650,000 to $4,200,000, and only 110 and 114 are still available. The four-bedroom, five-bath house at 110 Congress has 3,318 square feet […]
Average rents rose 77 percent in Brooklyn while city wide real median income fell 4.8 percent from 2000 to 2012, according to a report out from the city comptroller described in The New York Post. The increases were the largest in any borough. A story in the Times implied that meeting Mayor de Blasio’s stated […]