The city not helped displace residents of four buildings on Dean Street, it also kicked in an extra $31 million over what it had originally committed to help Forest City Ratner close on its eminent domain-enabled purchase of four buildings on Dean Street, according to two reports. The city claims that it hasn’t increased the total amount of subsidies it’s kicking in to the project (well, not since it first increased the total amount of subsidies from $100 million to $205 million); instead, the city argues, it just moved up some of the money that was originally allocated for later-stage infrastructure to help pay for the property purchase. The Atlantic Yards Report calls the legitimacy of the move “murky,” because while it technically does not violate the letter of the 2005 non-binding Memorandum of Understanding (after all, it was non-binding!), it’s clearly a bait-and-switch on the public. Legal or not, the use of funds has left a bad taste in some other people’s mouths as well. “It’s a government Ponzi scheme,” said Council Member Letitia James. “I’m offended because they’re using public funds to seize homes and businesses.” Plus, adds AYR, there’s nothing stopping the city from simply kicking in more dough later on to cover the infrastructure. In related news, don’t be surprised if the Atlantic Yards is not complete within the ten-year time frame: AYR reports that the agreement with FCR doesn’t have a lot of teeth.
City Shells Out Another $31 million for AY [NY Daily News]
Did City Give FCR $31 Million More for Land? [AY Report]
Graphic from Atlantic Yards Report
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 […]