Omissions and Lies in Atlantic Yards Study

The Empire State Development Corporation released this week the market study by KPMG that has, among other things, called the Atlantic Yards' ten-year timetable "not unreasonable." Norman Oder at The Atlantic Yards Report points out some of the study's highlights, or lowlights if you will: developer Forest City Ratner is expecting sales prices of $1,217 per square foot in 2015 and $1,369 per square foot in 2019. The report acknowledges that prices in the adjacent neighborhoods are half that: $480 to $720 in Fort Greene, $500 to $950 in Park Slope, and $470 to $1,225 in Prospect Heights. Even if we allow the outlier in Prospect Heights which is most likely Richard Meier's On Prospect Park, the average maximum sales price is around $970 per square foot, points out Oder, but the KPMG study says that a "modest inflation factor" will account for its high prices. And while we're talking about Richard Meier's building, let's take note that $1,225 is the maximum price per square foot listed on StreetEasy for his building, not the average, plus the fact that the building isn't even half full, even though the KPMG study claims it's 75 percent sold. Finally, Oder notes that "450 of the 2,250 subsidized 'affordable' units were to rent at $40/sf, while another 450 were to rent at $32/sf," even though current rents for Fort Greene, Prospect Heights, and Park Slope range between $23 and $48 per square foot already—in the case of Prospect Heights, the $40 price tag will actually exceed the neighborhood's current maximum of $39. So, in summary, we've got: false statistics, ungrounded claims, and purposeful omissions. Another day at the office.
Different Opinions, Different Facts [AYR]
What Was KPMG Smoking? [AYR]
KPMG's Unrealistic Projections [AYR]
The Darkness at Richard Meier's Brooklyn Tower [Brownstoner]
Photo of cow manure from HarlanH

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As the saying goes -- "Torture the numbers and they'll confess to anything."

Posted by: Brooklynista at October 8, 2009 10:07 AM

So true, brooklynista! I love people who quote statistics as the be all and end all, never realizing how easy is it to manipulate them. (Wonderful seeing you last Sat., by the way.

Posted by: bxgrl at October 8, 2009 10:17 AM

Yaaaaaaawwwwwwwnnnnnnnnnn.

Posted by: benson at October 8, 2009 10:24 AM

I propose a 1 month hiatus to any threads about Ratner or AY.

Posted by: Petebklyn at October 8, 2009 10:39 AM

I don't see that happening - that report is massive and likely full of things for activists to rage about.

Just goes to show you how amorphous and soft the social sciences are, that so many minds can come together over a topic and come away with such disagreement.

Posted by: infinitejester at October 8, 2009 11:03 AM

Oh, wait, where is DDDBlah with his take?

Posted by: bupe at October 8, 2009 11:05 AM

agreeing with benson and pete on the zzzzz factor here. reblogging a laundry list from the AY Report isn't exactly scintillating. jscheff, before you write your next ay post you ought to set aside the righteous anger for a second, and slow the steam from your ears. what has anyone learned from this posting? nothing that anyone with half a brain doesn't already know. what good discussion will come from it? none. and it's a shame, because my guess is that with, a few minutes of thought you could have come up with a thesis about the import of these supposed "omissions and lies" that would actually be illuminating and spark some interesting dialogue.

Posted by: i disagree at October 8, 2009 11:15 AM

I like the photo. I also would have accepted horse manure.

Posted by: FatLenny at October 8, 2009 11:17 AM

Ratner is going to lose his shirt over this one.

Posted by: GWH at October 8, 2009 11:25 AM

Right - it's like watching a burglar rob your house. No big deal. Yawn. Whatever.

Our apathy just lines Ratner's pockets with our tax dollars.

Posted by: Johnny at October 8, 2009 11:47 AM

yes, New York State making up BS is just another day at the office, right?

Posted by: brokeland at October 8, 2009 1:56 PM

I would expect the price of practically everything will double over the next 10 years.

I would like to remind everyone about the several trillion dollars the Federal Government has created over the past year. Let's not forget the serious decline in the value of the dollar just this week. Or the fact no one buys long term treasury debt anymore.

The US Dollar is toast, and 10 years from now we'll be lucky if it still exists.

Posted by: Polemicist at October 8, 2009 2:36 PM

The non-affordability of Ratner's "affordable" housing has been long apparent to anyone who bothered to drill down into all the verbiage that has been published over the years AY has been brewing. Too bad some of you find it to be such a bore.

Scheff: Don't be put off by these tiresome cynics. They are too stupid and lazy to care what happens to their tax dollars or their city. Keep posting about AY. One day we'll look back with shame at our complicity over this absurd, rotten scheme.

Posted by: grand army at October 8, 2009 6:08 PM

lots of bitching, zero doing. probably a common theme in the life of such moaners. robot sheep.

Posted by: BrooklynLove at October 8, 2009 9:17 PM

« Affordable Housing: Promises vs. Reality Corn Porn in BoCoCa »

October 8, 2009

Omissions and Lies in Atlantic Yards Study

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