« Thursday Links What the Census Says About Us »

December 11, 2008

Atlantic Yards Will Survive...Kind Of

road-closed-1208.jpg
It's not the economy, stupid. Except it is. Last week, Forest City Ratner blamed the eminent domain lawsuit for delays at Atlantic Yards, and yet now he says that the project will remain pretty much on hold until the economy rebounds. The $4.2 billion project will survive, they say, but it may take even longer than expected. "'I think we can successfully delay until we are prepared to start [the project],' Forest City President Charles Ratner told investors just hours before the price of the company's stock fell 15%, to $7.02 a share," writes the NY Daily News. Atlantic Yards isn't the only Forest City project relegated to the slow lane; they've "put virtually all new development on hold until economic and financial market conditions improve meaningfully." Opponents to Atlantic Yards reacted to the news with "a mixture of glee and fear."
Atlantic Yards Will Go Up... When Economy Does [NY Daily News]
Photo by NoLandGrab.




Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/7567

Comments

Is there a way to "unsuccessfully delay?" And are opponents content with just having a hole in the ground for the foreseeable future?

Posted by: daveinbedstuy at December 11, 2008 9:08 AM

I'm content with only $50 million in taxpayer money going to Ratner instead of $2 billion.

You're right though. The downside is the hole. But giving Ratner massive amounts of taxpayer money to fund the Nets was never gonna end well for the city. We give him the money, we get an economic boost that's far lower than the dollar gift. We don't give him the money we have a hole. The good news is the third path - rational, private development doesn't have to be off the table.

Posted by: Johnny at December 11, 2008 9:17 AM

It's not the economy, stupid. It's the Depression!

Here Dumbasses parse this statement: Last week, Forest City Ratner blamed the eminent domain lawsuit for delays at Atlantic Yards, and yet now he says that the project will remain pretty much on hold until the economy rebounds.

When will the economy rebound? I say 2020!

"Atlantic Yards isn't the only Forest City project relegated to the slow lane; they've "put virtually all new development on hold until economic and financial market conditions improve meaningfully." Opponents to Atlantic Yards reacted to the news with "a mixture of glee and fear.""

I'm in the glee camp!

The What

Someday this war is gonna end...

Posted by: Return of The What at December 11, 2008 9:23 AM

2020??? Your ass will be left so far behind the eight ball by 2020 that no one will even remeber your 15 minutes of fame. Is there any use to your rants anymore?

Posted by: daveinbedstuy at December 11, 2008 9:29 AM

"Is there any use to your rants anymore?"

Yes:

1) Print out rants
2) Roll them up
3) Place on holder next to TOTO
4) Use when needed

Posted by: Biff Champion at December 11, 2008 9:37 AM

Yoo Hoo Dave!! How is that "Hedge Fund" thang going stupid?? I bet you are down 45% and have investor who want their money back!

Hedge Funds Shrink by $64 Billion, Eurekahedge Says

http://www.bloomberg.com/apps/news?pid=20601087&sid=a6QLLD6W29bs&refer=home

Dec. 11 (Bloomberg) -- The global hedge-fund industry lost $64 billion of assets in November, with an index tracking its performance declining for a sixth month as economies in Asia and Europe joined the U.S. in recession, Eurekahedge Pte said.

“It's very clear that there is going to be significant consolidation in the hedge-fund industry,” said Duncan Smith, a partner in Hong Kong at Ogier, a firm that provides corporate and legal services to financial companies. “Conditions are quite difficult and that really goes without saying. Underlying liquidity is very hard for funds.”

"It's very clear that there is going to be significant consolidation in the hedge-fund industry,”

No I think it's going to be Murder, Death and Kill for Hedge funds! Also you have you little boy Biff working in "Financial Services" too. Biff blowing heads in the washroom is not a job tittle so you have a "problem" on your tax returns...

2009 is coming..

The What (I PWN Asshats)

Someday this war is gonna end..

Posted by: Return of The What at December 11, 2008 9:56 AM

Look here's the point: Atlantic Yards WILL get built...it may not get built with an Arena (and FCR may end up selling the team and they will move to Newark), but the development itself will move forward. I think FCR has demonstrated in the past that they are willing to be patient and build when market conditions dictate (see: Metrotech), and the city will in all likelyhood provide them with the subsidies they want (as they have in the past). I have said it before, DDDB's strategy was delay, delay, delay until (i) market conditions and/or (ii) the political climate make AY unfeasible or undesireable. FCR (smartly) appears to have decided that they will delay, delay delay until the pendulum shifts back in the other direction.

Posted by: FtGreeneCorey at December 11, 2008 9:58 AM

FtGreeneCorey=Fail! The days of using OPM is OVER!!!!

The What

Someday this war is gonna end...

Posted by: Return of The What at December 11, 2008 10:01 AM

Heres the likely scenario.....

So far....

AY opponents scream against Govt subsidies on project (when really all they care about is no arena/no tall building)

AY opponents successfully delay project with baseless lawsuits

Economic crisis hits before AY can really get started

AY project gets delayed b/c of lack of funding

AY opponents congratulate themselves on their apparent success

And then.....

Hole in the middle of Brooklyn sits for years

Economic crisis does not ease for years

Building in NYC essentially stops

Government looks for a way to stimulate economy/building

AY is selected to receive EVEN MORE SUBSIDY in effort to get construction going in NYC

Ratner begins construction with virtually 100% Government backstop

...And in yet another "victory" for our NIMBY society - the Economy improves - AY huge success - and Ratner becomes richer then ever, taxpayer gets screwed!

So predictable

Posted by: fsrg at December 11, 2008 10:02 AM

I love this comment. It's the post that just keeps on giving and giving:

Biff please I trying to change my image here and you are not helping matters. If you don't have anything constructive to say them leave me alone. I'm not cursing and I'm being civil..

The What

Someday this war is gonna end...

Posted by: Return of The What at November 5, 2008 9:13 AM

Posted by: Biff Champion at December 11, 2008 10:03 AM

Why is there so much opposition for this project? The area is sh*t anyway!

Posted by: onevalianteffort at December 11, 2008 10:07 AM

I saw the nets/knicks game at the IZOD center last nite.

From the amount of advertising time Barclays Bank and Jones Soda got, it looks to me like Ratner is paying interest via advertising on this failed heap of maneuvering known as atlantic yards.

My crystal ball says nets are sold by the end of april.

Then the real legal slugfest starts.

But this project is dead as currently defined.

Lets hope the city doesn't throw good money after bad before we get rid of bloomburg next year.

Posted by: bkn4life at December 11, 2008 10:08 AM

"Biff please I trying to change my image here and you are not helping matters. If you don't have anything constructive to say them leave me alone. I'm not cursing and I'm being civil.."

Naw Biff, that was just a phase I was going thru. I'm back to ole lovable self and guess what? I'm going to be PWNING Asshats for 2009, that's right! PWNING!

The What (Don't lose your job Biff)

Someday this war is gonna end..

Posted by: Return of The What at December 11, 2008 10:11 AM

bklyn4life -

You better bring you crystal ball in for warranty service.....Bloomberg is so getting re-elected it isnt funny.

Posted by: fsrg at December 11, 2008 10:13 AM

"The What (Don't lose your job Biff)"

Not looking like I will, but thanks for your concern old friend. Can you believe we're still getting bonuses this year?

I suppose this was another phase too:

"I going to take a break from posting here. Brownstoner has jumped the shark and when you take down my post on the economy I think it's time to go. I have other things to worry about and I not going to waste my energy and time posting here."

The What (I'm done)

Someday this bullshit is gonna end...

Posted by: Return of The What at November 24, 2008 11:47 AM

Posted by: Biff Champion at December 11, 2008 10:28 AM

"You better bring you crystal ball in for warranty service.....Bloomberg is so getting re-elected it isnt funny."

fsrg, that was a good one. What are your thoughts on Bloomberg coming back for a third term?

Posted by: Biff Champion at December 11, 2008 10:29 AM

onevalianteffort recognizes the gorilla in the room and calls it like it is!!!!!!

Posted by: daveinbedstuy at December 11, 2008 10:31 AM

Here's the performance since you asked What

----------Fund (USA) LP
Flash Net Performance
November 28, 2008
Month Year to Date
-------------Fund (USA) LP (preliminary) -1.80 % -16.69%

Posted by: daveinbedstuy at December 11, 2008 10:34 AM

As I was saying before, and as FSRQ echoed, the guys at FCR are not stupid, and on top of that they are patient. Don't be shocked if in five years AY is viewed as a means of jumpstarting the New York economy, "creating jobs and providing much needed affordable housing" (Where have we heard that before?).

Onewailianteffort...as to why people on this blog are Anti-AY (which would be located in an area that has been a hole in the ground for 50 years and WILL BE a hole in the ground for another 50 years) I'm not sure if your new to Brownstoner and/or this AY debate, but welcome to Brooklyn! Certain people in Brooklyn (and particularly the people on this blog) are NIMBY's that are anti-anything that is not a "tree lined brownstone block" (Atlantic Yards, highrises in DOWNTOWN Brooklyn, Brooklyn Bridge Park, Willoughby Square Park, etc.)

Posted by: FtGreeneCorey at December 11, 2008 10:34 AM

FtGreeneCorey...I don't think people on this blog are predominantly NIMBYs....IMHO

Posted by: daveinbedstuy at December 11, 2008 10:35 AM

FCR isnt stupid. They did take forever to build Renaissance Plaza and Metrotech. So they know how to muddle thru. But they havent been up against an educated group that will, as has been seen, fight the good fight because someone has to.

If anyone here, myself included, had put as much personal time and effort into disseminating information as the Anti-AY crowd has, we would make the status quo not quite so quo.


Keep up the fight guys. I may not agree completely with you, but on the whole this really smells.

Posted by: bkn4life at December 11, 2008 10:52 AM

FtGreenCorey, you are just wrong, the development site wasn't and isn't a "hole in the ground." The rail yard is trench, and guess what, it is an active rail yard. wanna build on top of it? great. but the rest of the site? no hole. no trench. city streets, and private homes and businesses. no hole. thus the so-called "frivilous" litigation.

build on the actual "hole" and voila, development.

Posted by: brokeland at December 11, 2008 10:57 AM

Onevalianteffort- Pro-AYers use the NIMBY label, usually screamed at the top of their lungs so as to provide maximum distraction from the fact that few people are NIMBY- they just want intelligent, responsible development.

Have you seen the plans for AY? It's huge, it's ugly, it puts enormous strain on the area infrastructure and will pack a kizload of people into the area without increasing or improving public transportation and utilities. It will close off a substantial part of Pacific St. (how do we give up public streets to a private developer is anybody's guess- and what, if anything is giving us in return)?

On top of the taxpayers are seeing a big chunk of change going to Ratner for this, he keeps changing the plans so that any promises he may have made in order to get the project going, are now off the table, he paid next to nothing for the air rights, he bypassed the proper vetting process (he's got friends). And he has the nerve to want eminent domain for this.

So if I would rather see that hole in the ground instead of AY- yep. If we're going to build there, do it rightand do it responsibly because we'll be living with that monstrosity for a long time.

Posted by: bxgrl at December 11, 2008 10:59 AM

Bxgrl, you know as well as I do that Brooklyn is OVERPOPULATED with people that (literally) have nothing better to do (retirees? trustafarians? wackos?) than protest, stonewall and block. Let's say AY goes down in flames (which would not surprise anybody) and the UNITY plan is adopted...do you honestly believe that within weeks some anti-UNITY plan group ("Dis-Unity?") won't spring up suing the developer, the city, the state, yo mama, their mama and everybody else to try to shut it down?

Posted by: FtGreeneCorey at December 11, 2008 11:13 AM

yeah, i don't really see it as NIMBY, because "that hole in the ground" isn't even the backyard of many of the anti-AYers. i live in the neighborhood, and a lot of people there actually support AY, despite what you read here. and many of the neighborhood people who don't support it - including some in the footprint - have absolutely no problem with tax issues, infrastructure, scale or housing affordability. they're just pissed at the declaration that the area was "blighted," pure and simple. i've had people tell me they didn't care about the eminent domain piece of it! the label was just offensive. it was a strategic error on ratner's part not to have addressed that aspect, because there are a lot of people who would have supported the project on fundamental grounds, and instead they're now emotionally invested in opposition.

i think it was a crappy financial deal, but i like most aspects of the project other than the scale of the housing. i hope it, or some version of it, gets built some day.

Posted by: i disagree at December 11, 2008 11:24 AM

All of the recent bad news (and rumors) makes me wonder, at what point does ESDC--perhaps as a result of yet another lawsuit--have to admit that the project is so different (development components, project timeline, etc.) from the approved plan that the GPP is null and void?

Posted by: g man at December 11, 2008 11:25 AM

I have driven by the area numerous of times and all I see are stolen/stripped down cars being dumped around the area. Right now, if I had a choice I'd pick the ugly development over the current hole in the ground.

Posted by: onevalianteffort at December 11, 2008 11:50 AM

"Bxgrl, you know as well as I do that Brooklyn is OVERPOPULATED with people that (literally) have nothing better to do (retirees? trustafarians? wackos?) than protest, stonewall and block."

I think that's typical of the thinking of Pro-AYers. Demean your opposition instead of deal with them. (Hmmm...sounds like a recent presidential campaign. You remember- older white guy, bimbo running mate)?

Maybe it's easier for you to think that way, but there are plenty of us out here who are against the sheer size and scale of it for many reasons. Ratner has no one but himself to blame- he thought he could just march in and do whatever he wanted. Obviously not. All he has invested in Brooklyn is money. The rest of us have money, homes and quality of life invested in Brooklyn.

The Unity Plan? Can't say, but from what I've seen it's a lot better than Ratner's (of course, IMHO). Of course there will be people to fight it- but I doubt you'll see the same opposition to that plan because it addresses the issues in a more realistic and integrated way.

AY isn't about people- AY is a big ego trip for Ratner and Gehry. It's a huge warehouse- in a not luxury location. People love Brooklyn housing stock and the smaller scale. I don't see people with money rushing to live packed like sardines in apartments no matter how hi end the bathrooms and kitchens. It's not Manhattan, the train commute will be nightmarish and the car commmute will be worse.

Posted by: bxgrl at December 11, 2008 11:51 AM

so, who here who calls it a hole in the ground or "dumped cars" can name the boundaries of the project site?

"AY opponents scream against Govt subsidies on project (when really all they care about is no arena/no tall building)"

yeah, far be it from human beings to be able to be against corporate welfare AND idiotic urban "planning."

Posted by: brokeland at December 11, 2008 12:21 PM

E-gads! I was thinking the same thing as Norman Oder:
http://atlanticyardsreport.blogspot.com/2008/12/second-look-at-judges-ruling-that-there.html

Posted by: g man at December 11, 2008 12:41 PM

Here's a link to info. about the boundaries: http://www.atlanticyards.com/html/ay/location.html

Just Google map-ed it. The area looks like CRAP.

Posted by: onevalianteffort at December 11, 2008 12:41 PM

i can.

Posted by: i disagree at December 11, 2008 12:43 PM

Actually most people educated on urban planning would tell you that building high density next to/on top of one of the largest mass transit hubs in the nation is SMART planning.

As for Bloomberg, he is clearly now playing for keeps - he has already sent out his underlings to toss around the big numbers he will spend on the campaign - my guess is that everyone but Thompson will drop out, more comfortable in their current job then risking it against Bloombergs $100M. Thompson, if he can't find a graceful way out will run and get absolutely slaughtered by Bloomberg - Bill seems like a nice guy but aint NO way he has the gravitas or charisma to oust Bloomberg in the middle of a depression.

Posted by: fsrg at December 11, 2008 12:49 PM

smart to build large as urban planning. thats the one thing that wasnt done. planning.

take a look at the book "the geography of nowhere".

this boro should exorcise ratner. how much better off is cleveland with his help?

and didnt you learn anything from robert moses?

the city does not NEED to have streets demapped. look at every grotesque housing project you can find. not many more homes when built than were there before. just makework jobs that forestall the inevitable.


keep up the fight guys. big may be good but back room deals ARE bad.

Posted by: bkn4life at December 11, 2008 1:02 PM

DDDB will run out of money just like everyone else.

Posted by: i disagree at December 11, 2008 1:07 PM

"Actually most people educated on urban planning would tell you that building high density next to/on top of one of the largest mass transit hubs in the nation is SMART planning."

true that, and most people educated in urban planning will tell you that Ratner's project is way too dense. aka, dumb, irresponsible planning, or lack thereof, as said above.

Posted by: brokeland at December 11, 2008 1:28 PM

anti AY so silly. instead of quick pain now you get slow pain. hee hee.

ratner >>> anti-AY

fce > mer > aig > bsc > leh

Posted by: BrooklynLove at December 11, 2008 4:32 PM

everyday that passes w/o Atlantic Yards is pain free.

sense >>>>>BrooklynLove

Posted by: brokeland at December 11, 2008 5:27 PM

brokeland=nj

Posted by: BrooklynLove at December 11, 2008 8:18 PM

Brooklyn Love, I always enjoy reading your misguided posts

Posted by: werner at December 12, 2008 1:06 AM

whatever it takes to spread joy sign me up

Posted by: BrooklynLove at December 12, 2008 7:48 AM

Post a comment

Please be patient while your comment is published. It may take a moment.

Latest Restaurant Additions