September 2, 2009

Atlantic Yards Misrepresents Ownership

The Atlantic Yards Report points us towards a little sleight-of-hand by the Empire State Development Corporation (ESDC). In the comments filed regarding the Modified General Project Plan (GPP) for the Atlantic Yards development, local property owner Henry Weinstein states that the GPP uses an old and inaccurate map of Forest City Ratner's holdings. The map, dated November 1, 2006, falsely implies that Forest City Ratner owns or controls Weinstein's property, which includes a building and two lots used as a parking lot at the corner of Carlton and Pacific. A note on the map says, "FCRC has closed on an option to take by assignment the lessee's interest under the ground leases for these properties. However, the property owner has objected to such assignments." Since 2006, however, Weinstein has, so far, prevailed in court, which a 2008 version of the map even acknowledges: "FCRC acquired ground leases on these sites, but fee owner objected and sued to terminate ground leases. The Court declared lease assignments invalid and leases terminated. The decision is being appealed." AYR supposes that ESDC has been using the 2006 version of the map "as part of an effort to indicate that nothing has materially changed regarding the project, other than the financial terms. (That means, for example, that the document regarding the maximum heights of buildings stands, even though Forest City Ratner has reduced the height of Building 1.)"
Who Controls the Corner of Carlton and Pacific? [AYR]
Tracing the Deceptive Property Ownership Map [AYR]

Posted by jscheff at 10:00 AM | Comments (5)
Categories: Atlantic Yards

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/11263

Comments