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September 17, 2009

ESDC Approves Revised Plan for Atlantic Yards

The headline says it all. More detail on what is widely being referred to as a "rubber stamp" available here and here.




Posted by Brownstoner at 1:37 PM | Comments (14)
Categories: Atlantic Yards

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In a related story today:

Richest Russian Prokhorov May Invest in New Jersey Nets Arena

Sept. 17 (Bloomberg) -- Mikhail Prokhorov, Russia’s richest man, may help fund the construction of a Brooklyn arena designed to house the New Jersey Nets professional basketball team.
Prokhorov, a basketball fan, was approached by someone
involved in the project and is considering investing, the
billionaire’s Onexim Group holding company said. “The
possibility exists,” Onexim spokesman Igor Petrov said by phone in Moscow today, declining to elaborate.
The arena, Barclays Center, is the centerpiece of Forest City Ratner Cos.’s $4 billion Atlantic Yards project, which will include residential and commercial space. The owner of the Nets, Bruce Ratner, has faced neighborhood opposition because of the size of the project and the use of public money to help a private investor lure the team to New York.
Forest City said in July that Ratner may sell a stake in the Nets to raise capital while maintaining a controlling
interest. Ratner flew to Moscow that same month for talks with Prokhorov, the Newark Star-Ledger newspaper reported at the time, without saying where it got the information.
Prokhorov, 44, has a fortune of $9.5 billion, according to Forbes Russia. In April of 2008, Prokhorov sold a 25 percent stake in OAO Norilsk Nickel, Russia’s biggest mining company, to fellow billionaire Oleg Deripaska for about $7 billion in cash and 14 percent of aluminum producer United Co. Rusal

FCE/A has doubled in price in about six weeks.

Posted by: daveinbedstuy at September 17, 2009 1:45 PM

yay, good news.
I actually got a robocall from d.goldstein before the election. Didn't bother even listening.

Posted by: Petebklyn at September 17, 2009 2:06 PM

I think Mr. B better start showing some HOTDs from Brighton Beach.

Posted by: daveinbedstuy at September 17, 2009 2:15 PM

How can I get a job at ESDC? Doesn't seem to require much work.

Posted by: Brooklyn Chicken at September 17, 2009 2:53 PM

And the pay(off) is good too.

Posted by: rukiddingme at September 17, 2009 5:23 PM

and OF COURSE dddb is going to file another lawsuit. After all, what else would they do? I've never been a fan of tort reform, but I'm beginning to re-think my position.

Posted by: Rookie at September 17, 2009 6:20 PM

Hey, Kens - we are coming, we are coming!!!

and big SHOCKER about DDDB lawsuit. Can Dan Goldstein do anything else? Like go away???

Posted by: bupe at September 17, 2009 6:34 PM

hey tools, did you know in this country when one party violates the law in broad daylight they can be sued? it's true!

maybe not in Russia, but true here.

Posted by: brokeland at September 17, 2009 7:03 PM

@brokeland

And, sadly, because of our legal system, one person can thwart the will of the majority by filing frivolous lawsuits and gumming up the works.

Posted by: Rookie at September 17, 2009 7:15 PM

@Rookie

who says a majority supports the project? and, if a majority does support the project (which i'm not saying is true), it doesn't mean that it's the legal, fiscally responsible, or smart thing to do.

Posted by: threecee at September 17, 2009 8:53 PM

Does the majority support the MTA raising subway fares while they give away the AY land at an outrageous discount, (you could call it a "steal")? Does the majority support turning what's already the borough's craziest intersection into something unimaginably worse? Does the majority support getting bait-&-switched on the architectural plans?

Posted by: dannyhellman at September 18, 2009 7:52 AM

Yes- every poll done (feel free to Google it) has shown that majorities of New Yorkers and Brooklyn residents support the plan.

And just because you say it's illegal doesn't make it so. In fact, judge after judge has ruled in Ratner's favor.

God, I can't wait to be first in line to buy season tickets. Go Nets!

Posted by: Rookie at September 18, 2009 8:21 AM

No more lawsuits!!!!
DDDB--you lost---get over it!!!
Build it today!!!

Posted by: bobbyd at September 18, 2009 8:50 AM

@Rookie

polls can be misleading, depending on how the questions are structured, who's doing the asking, and whom is being asked. i googled "Atlantic Yards poll" and the only independent poll that i found that tried to gauge AY support was conducted by Crain's in 2006: (http://www.crainsnewyork.com/article/20060905/FREE/609050710)

this poll was thoroughly picked apart by Norman Oder here:

http://atlanticyardsreport.blogspot.com/2006/09/closer-look-at-crains-poll-those-who.html

one very telling bit of info about this poll (other than only having 601 respondents in a city of millions) was that 78% said that they were following AY news "Not too closely/Not at all". i, too, might be a supporter of this project if i hadn't been following it closely for the past 6 years. who wouldn't want jobs and affordable housing? and, this was in 2006. i wonder what a poll of those who follow AY news closely would reveal now.

as far as legality is concerned, judges (along with politicians and bureaucrats) aren't infallible and some can be swayed by money and political influence, both of which Ratner has plenty. also, NY state is one of the most eminent domain friendly states in the country, so losing the legal battle would hardly be surprising. and, just because something may be legal by the letter of the law, does not make it right or just or moral. thankfully, laws can be changed, and i believe NY state's eminent domain laws need to be amended.

Posted by: threecee at September 18, 2009 12:30 PM

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