Atlantic Yards
November 2, 2009
Uncertainty, Skepticism Around Arena Bond Offering
There was a lot of discussion last week about the viability and timing of the issuance of debt to finance the construction of Barclay's Arena, the centerpiece of the Atlantic Yards project. First, on Wednesday, the blog Noticing New York wrote, "We have never seen so many loose ends and approvals that are not in place." On Thursday, Reuters followed up with an article that quoted the ESDC chief financial officer Frances Walton as saying "The expectation is that they will be issued...We have begun discussions with ratings agencies." That same day Bond Buyer quoted Ms. Walton as saying, “The structure and the timing of the bonds are still in flux,” (Two weeks ago The WSJ called the odds of the bond sale going through a "toss up"); the same article also floated the idea that the bonds could be structured with an early call to be exercised in the event that the plaintiffs prevail in their eminent domain case (which is expected to be decided by the end of this month but not before the issuance date scheduled for the week of November 16. Noticing New York followed up with its own analysis on Friday, questioning whether such a structure would threaten the tax-exempt status of the bonds. Meanwhile, the Community Development Financial Institutions Fund, a Federal entity, just gave $55 million to Forest City Community Development Entity, LLC in Brooklyn. As Atlantic Yards Report points out, grants from the Financial Institutions Fund are targeted at "highly distressed low-income communities," the kind where Ratner plans to sell condos at $1,217 a foot.
ESDC’s Bond Buyer Happy Talk About Arena Bonds [Noticing New York]
So Many Unchecked Approval Boxes [Noticing New York]
Sale of Nets' Arena Debt Is Tough Shot [WSJ]
NYS Sets Big Bond Sale, Waits on Other Large Issues [No Land Grab]
Atlantic Yard Bonds May Be Sold, Escrowed [Bond Buyer]
Bond Buyer Article Excerpted [DDDB]
Forest City Gets $55M [AYR]
Photo by Tracy Collins
October 19, 2009
One More Atlantic Yards Lawsuit
At the Walk Don't Destroy Brooklyn fundraiser held Saturday by Develop Don't Destroy Brooklyn, DDDB announced that it would file another lawsuit today against the Atlantic Yards development project, this time regarding "the failure of the Empire State Development Corporation to issue a Supplemental Environmental Impact Statement in response to changes in the project," according to the Atlantic Yards Report. This lawsuit, sponsored by 19 community organizations, joins two other major lawsuits currently in the courts, both co-sponsored by DDDB: the massive eminent domain case and the MTA case. Update: DDDB along with 19 other community groups did in fact file suit earlier today. Read all about it here.
DDDB: New Lawsuit Challenging Atlantic Yards [AYR]
Atlantic Yards: Suit Filed Against MTA [Brownstoner]
Oral Arguments over Eminent Domain at Atlantic Yards [Brownstoner]
Photo by Tracy Collins
DDDB Holds Fifth Fundraiser Against the Yards
Develop Don't Destroy Brooklyn, the Atlantic Yards watchdog organization, held its fifth annual Walk Don't Destroy fundraiser on Saturday, which raised over $40,000 according to the Atlantic Yards Report. City Council Member Letitia James, DDDB spokesman Daniel Goldstein, actor John Turturro, and about 200 others walked the 2.3-mile route, which included a stop at Borough Hall, headquarters of Borough President Marty Markowitz, a supporter of the Atlantic Yards development. “This is about working-class people,” Ms. James said as she marched across Atlantic and Flatbush Avenues, according to The New York Times. “This is about saving our homes and businesses against billionaires. We want our community back.” The cash raised by the event will presumably go towards DDDB's efforts to prevent the Atlantic Yards stadium and residential development project, such as its current lawsuit against the MTA for negligence of due process in its sale of land to developer Forest City Ratner.
Staying Power at Fifth DDDB Walkathon [AYR]
Walking Against the Bulldozers [NY Times]
Atlantic Yards: Suit Filed Against MTA [Brownstoner]
Photo by Tracy Collins
October 16, 2009
Atlantic Yards, the Nets, and the Times
Atlantic Yards seems to be in the hot seat this week due to the Court of Appeals case that began on Wednesday regarding the state's use of eminent domain to acquire land for the development project. Here's a round-up of recent comments, from the Atlantic Yards Report, the Wall Street Journal, and Develop Don't Destroy Brooklyn. The WSJ points out that if the Yards wins in court, its next big challenge will be "selling the development to a skeptical bond market." The $700 million bond sale needed to fund the project comes at a time when sports spending is receding and the bond market is still shaky. The article adds: "If developers of the Atlantic Yards project don't issue bonds by Dec. 31 to fund the arena's construction, the debt will lose tax-exempt status, which would kill the project." And concerning the arena's prospective occupants, the Nets basketball team, the Atlantic Yards Report writes that there's some jostling in New Jersey regarding what to do with the team until it moves to Brooklyn. Regarding legal matters, the Report also questions why Assemblyman Hakeem Jeffries didn't join the lawsuit against the MTA for its dismissal of due process during the sale of land to developer Forest City Ratner, especially since his neighboring assemblymembers, Jim Brennan and Joan Millman, did join. Jeffries said that participating in the lawsuit would compromise his power of advocacy, but the Report wonders if he's simply hedging his bets. Finally, several sites made a stink that The New York Times failed to run a print article about the opening arguments of the eminent domain case on Wednesday. Develop Don't Destroy Brooklyn wonders whether the Times is avoiding the topic because its Manhattan tower was built with the use of eminent domain.
Sale of Arena Debt Is Tough Shot [WSJ]
WSJ Calls Arena Debt a 'Toss Up' [AYR]
Newark Mayor Booker Focuses on Temporary Nets Move [AYR]
Jeffries Agrees with Plaintiffs But Won't Join Them [AYR]
Something Is Wrong at the Times [DDDB]
Photo by Tracy Collins
October 15, 2009
Oral Arguments over Eminent Domain at Atlantic Yards
The long-awaited Court of Appeals case against Empire State Development Corporation for the use of eminent domain in the Atlantic Yards development project began yesterday. The ESDC argued that the use of eminent domain to condemn private homes and businesses was necessary to promote economic development and because the region was already blighted. The lawyers for the business and home owners, on the other hand, claimed that the state used the blight designation long after planning had begun, to justify the 22-acre condominium and stadium project, and development had been occurring on its own before Forest City Ratner bought the land. The New York Times' City Room blog brings us some key excerpts from the opening round of questioning, in which the chief judge, Jonathan Lippman, questions Philip Karmel, the lawyer for the ESDC:
“The majority part of this project is market-rate housing?” the judge asked. “That is not the purpose of the project, your honor,” Mr. Karmel replied. “Is it the largest component of the project?” Mr. Lippman pressed. “It is a significant component,” Mr. Karmel said, not quite conceding the point.
In another line of questioning, Judge Robert S. Smith, in a tone that suggested skepticism, asked Mr. Karmel if there were any limits on the state’s ability to take private land, so long as there was a public benefit. Mr. Karmel said that under current law and precedent, there was not.
Judge Smith also questioned Mr. Karmel about the state’s definition of blight. “Suppose I am a developer and I want to buy on an area that is half blighted and half not,” the judge asked. “They can condemn the whole thing, even if only half of it is blighted?” The answer, Mr. Karmel said, was yes.
The judges were equally tough on the plaintiffs' lawyer Matthew Brinckerhoff. As Norman Oder points out in a detailed dissection of the day, a decision is expected by Thanksgiving.
High Court Hears Arguments in Atlantic Yards Case [NY Times]
At Hearing, Judges Skeptical of Both Sides [AY Report]
Court Battle Could Determine Fate of AY [NY Daily News]
Atlantic Yards Appeal Gets Intense in Albany [Brooklyn Eagle]
Atlantic Yards Court Case Begins Wednesday [Brownstoner]
Atlantic Yards: the Profits from Eminent Domain [Brownstoner]
ESDC Approves Revised Plan for Atlantic Yards [Brownstoner]
Image by Tracy Collins
October 14, 2009
Atlantic Yards: Suit Filed Against MTA
While the Atlantic Yards' eminent domain case begins in court today, Develop Don’t Destroy Brooklyn and four elected officials filed another suit in the state's Supreme Court yesterday against the Metropolitan Transit Authority, claiming that its sale of land to developer Forest City Ratner violates state law. Specifically, they charge that the M.T.A. violated the Public Authorities Accountability Act of 2005 when, in June 2009, it sold the 8.5-acre Vanderbilt Yard at Flatbush and Atlantic to the developer in a $100 million deal without first getting an independent appraisal of the yard and opening the parcel to competing offers. According to DDDB, "an annulment [of the sale] would disallow the transfer of the property, which the developer requires for its project, including its proposed basketball arena, until the M.T.A. complied with the law." The M.T.A. declined to speak with The New York Times regarding the lawsuit, but the lead plaintiff, state Senator Velmanette Montgomery, said: "While the M.T.A. is forcing service cuts and fare increases on the people of New York, they are giving Forest City Ratner just about a free ride. We have laws in this state which forbid these kinds of sweetheart deals."
Suit Challenges Sale of Land to Atlantic Yards Developer [NY Times]
Elected Officials and Two Orgs Sue MTA for Sweetheart Deal [DDDB]
Photo by Tracy Collins
October 13, 2009
Atlantic Yards Court Case Begins Wednesday
Oral arguments in Goldstein v. New York State Urban Development Corporation, the case regarding use of eminent domain for the Atlantic Yards development, will begin tomorrow in the state's Court of Appeals, and The Wall Street Journal brings us a nice summary of some of the legal background—namely the federal case in 2005, Kelo v. City of New London, that paved the way for a much broader interpretation of public benefit to justify the condemnation of lands. The WSJ certainly chooses a side in the matter, saying that private beneficiaries like Costco, Ikea, Stop and Shop, The New York Times, and the New York Stock Exchange have all benefited from the condemnation of "small businesses, homes, and church property." The article adds: "In eminent domain cases, the political class typically uses its power to help the strongest private interests against the weakest ... Other states, like New Jersey, have seen stricter standards for eminent domain actions implemented through the courts. But New York is a draconian holdout. The Brooklyn case offers the courts a chance to tell the political class and its developer friends that they can't trample over private property rights."
A Property Rights Foul [WSJ]
Image by Howard Ohlhous
October 9, 2009
Atlantic Yards: Shaya Gets the Boot
As you may remember, Forest City Ratner, developer behind the Atlantic Yards, hit a little snafu in the planning stages when it claimed to own or control more land than it actually did, namely the lots at the corner of Carlton and Vanderbilt. The snafu came in the form of property owner Henry Weinstein, who fought Shaya Boymelgreen's attempt to assign his lease to Forest City Ratner. Weinstein took Boymelgreen to court and legally took possession on September 18, but according to the Atlantic Yards Report, he just received the eviction notice from the Sheriff's Office yesterday. (Note: This post has been updated because it was, well, completely wrong to start with.)
Atlantic Yards Misrepresents Ownership [Brownstoner]
Eviction Notice at Carlton and Vanderbilt [AYR]
Photo by Tracy Collins
October 8, 2009
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
October 6, 2009
Atlantic Yards: the Profits from Eminent Domain
The Empire State Development Corporation is gearing up to defend the Atlantic Yards' use of eminent domain later this month in court, a decision that will make or break the infamous development project. Gabby Warshawer (who also writes for Brownstoner) reported in The Real Deal that if the ESDC prevails, then several residences and businesses along Dean and Pacific will be condemned under eminent domain and occupants will be relocated. More importantly, Warshawer obtained a contract between the ESDC and the Cornerstone Group, a firm contracted for its relocation services that has a history of questionable results. Under the contract, the Cornerstone Group would receive no more than $40,000 in order to “contact, meet with and interview each occupant that needs to be relocated to determine individual needs and relocation preferences” and “provide a comprehensive database of available apartments either through its own resources or by working with a residential real estate brokerage firm.” The firm must do the same for businesses, but Warshawer notes that in 2006 Manhattan Borough President Scott Stringer and Congressman Jerrold Nadler claimed that “the Cornerstone Group, an MTA subcontractor charged with assisting in relocation, has continuously failed to provide helpful rental listings for those forced to relocate.”
Making Money Off Eminent Domain at AY [Brownstoner]
Image of 479 Dean via PropertyShark
October 2, 2009
Ratner Times His Bond Sales
During a photo op at Forest City Ratner's Beekman Tower in Manhattan, Bruce Ratner mentioned that he expects to begin selling bonds, to fund the Barclays Center for the Nets basketball team, in two weeks. The Observer and Norman Oder at The Atlantic Yards Report point out that Ratner's big eminent domain case in the Court of Appeals goes down on October 14. Since losing the case would mean an end to the Atlantic Yards project, Ratner sounds strangely confident of the outcome. Or at least acting that way.
When Bruce Met Mikhail [Observer]
Ratner Says Bond Sales Should Start in Two Weeks [AYR]
Photo by Eliot Brown/Observer
September 23, 2009
Nets Will Have New Owner; FCR Will Have New AY Partner
Wow! Russia's richest man, Mikhail Prokhorov, announced a deal with Forest City Ratner and the Nets that will make Prokhorov's Onexim Group the majority owner of the Nets and an Atlantic Yards development partner. Details from the AP: "According to the agreement, entities to be formed by Onexim Group will invest $200 million and make certain funding commitments to acquire 80 percent of the NBA team, 45 percent of the arena project and the right to purchase up to 20 percent of the Atlantic Yards Development Company, which will develop the non-arena real estate." The deal still needs to be approved by the NBA. AY Report has details on Develop Don't Destroy's reaction to the news.
NJ Nets, Russia's richest man agree to deal [AP via Yahoo]
Russian Tycoon Investing $200M to Bridge Financing Gap [AY Report]
NBA and Treasury Department Must Vet Billionaire [DDDB]
Photo from Impactlab
Mikhail Prokhorov's Unique Offer
Mikhail Prokhorov, the Russian billionaire being courted by Forest City Ratner to help fund the Barclays Center arena for the New Jersey Nets (to become the Brooklyn Nets), posted his counter offer to the Atlantic Yards shareholders on his blog yesterday. Develop Don't Destroy Brooklyn brings us a translation of the entry, which DDDB calls "rather foolish and absurd." The gist is that Prokhorov will finance the arena in exchange for a significant share in the project as well as a controlling share in the Nets. What's unique about the post is that it sounds like Prokhorov's primary interest in the deal is the opportunity to elevate the state of basketball in Russia, which he says suffers from inconsistent financing and an unstable, unprofitable business model. He writes: "For our group, participation in such a complex project undoubtedly is interesting only in the event that NBA technology can be used for the systematic development of basketball in Russia." (Perhaps NBA technology sounds less bizarre in Russian? And since when do oligarchs have blogs?)
NJ Nets and the Development of Russia's Basketball [Mikhail Prokhorov Blog]
Prokhorov Issues Absurd Statement on the Nets, AY [DDDB]
September 18, 2009
Russian Billionaire To Bail Out Ratner?
There are mixed reports concerning the details, but it seems like Russia's richest man, self-made billionaire Mikhail Prokhorov, may be partly funding the Barclays arena, a part of Bruce Ratner's Atlantic Yards development that just received final state approval. Reuters reports that Prokhorov is considering issuing bonds to raise $700 million for the arena, in exchange for a share of the New Jersey Nets, which will move there once complete. This report has raised several eyebrows; NBC New York points out that the Nets have been hemorrhaging money for the past few years, and it's possible that Ratner is using Prokhorov simply to attract other investors. NBC New York writes: "All Prokhorov's company spokesman would say is that he's considering an investment, which is probably true and isn't indicative of all that much." The New York Times also takes the conservative approach, reporting simply that "Mikhail Prokhorov is the leading contender to buy a majority stake in the team and in the planned arena." Bruce Ratner bought the New Jersey Nets for $300 million in 2004, and the Barclays Center is currently projected to cost about $800 million, so it is unclear how much of Ratner's pie $700 million will buy Prokhorov. In other Atlantic Yards news, Develop Don't Destroy Brooklyn and the Atlantic Yards Report revisit the issue of the project's timetable, questioning how Ratner could possibly complete the entire development in ten years. Click the links for details.
Russia's Richest Man Eyes Nets Deal [Reuters]
Russia's Richest Man to Pave Nets Path to Brooklyn [NBC]
Ratner Said to Be Closer to Selling Majority Stake in Nets [NY Times]
Russian Rescue for Ratner's Nets Arena? [Field of Schemes]
MTA Agreement Allows 22 Years for Atlantic Yards [DDDB]
ESDC Defends 10-year Timetable [AYR]
Photo from Wikimedia Commons
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.
The New Yorker: For Arena, Against Yards
Yesterday The New Yorker added its $0.02 to the discussion of the Barclays arena design, the centerpiece of Bruce Ratner's Atlantic Yards development and future home of the New Jersey Nets. Paul Goldberger gives light praise to the new design from SHoP architecture firm, but condemns the greater Yards development:
The results are good enough to take the architectural argument against the project off the table. Maybe it’s as good as Gehry’s building [who originally designed the arena but was dropped due to his high price tag] ... This arena is going to be every bit as connected to the street life of downtown Brooklyn as Gehry’s would have been. It’s not the box everyone feared. But then again, so what? The rest of Atlantic Yards still remains—too big, and too indifferent to the fabric of residential Brooklyn, which it abuts ... the city would be better off if Ratner could simply build the arena and leave it at that.
Norman Oder at The Atlantic Yards Report parses some of Goldberger's words, primarily pointing out the finer details that The New Yorker's short piece couldn't include or glosses over: concerns regarding the arena greater than its design, such as the overall cultural and fiduciary cost to Brooklyn, plus the fact that many of the controversial actions taken by developer Forest City Ratner (zoning overrides, eminent domain) were predicated on supposed public benefits such as affordable housing. If Ratner simply built the arena and left it at that, Oder argues, we could be left with money-losing, neighborhood-wrecking arena. He writes: "In other words, it's not just a story about architecture."
Paul Goldberger: Frank Gehry's Replacement [New Yorker]
What About the Parking? [AYR]
IBO Reports Net Loss from Arena [Brownstoner]
New Barclays Center Design Revealed [Brownstoner]
September 15, 2009
Atlantic Yards Arena: Subject to Change
The architecture team of Ellerbe Becket and SHoP, which designed the Barclays Center arena for the Atlantic Yards development, held a public meeting Monday evening to discuss the new renderings of the arena that were released last week. The biggest news from the meeting was that the current renderings will drastically change: more buildings will be added, such as the "Miss Brooklyn Tower" at the intersection of Flatbush and Atlantic, which, in Frank Gehry's scrapped design, was a gateway to the rest of the project. Other open plazas in the current rendering could become residential towers, but all of this is contingent on the economy. If the economy improves, Forest City Ratner will incorporate these addenda.
Bait and Switch? Designer Admits Rendering Will Change [Brooklyn Paper]
Closing Bell: DDDB's Letter to SHoP [Brownstoner]
IBO Reports Net Loss from Atlantic Yards Arena [Brownstoner]
Ourousoff Weighs In on Barclay's Center Design [Brownstoner]
New Barclay's Center Design Revealed [Brownstoner]
September 11, 2009
IBO Reports Net Loss from Atlantic Yards Arena
On the heels of the public release of the new designs for the Barclay Center, the centerpiece of the Atlantic Yards project and future home of the New Jersey Nets, the Independent Budget Office (IBO) released a report yesterday that the Atlantic Yards development would result in a net loss for the city of about $40 million over 30 years—costing the city's budget $169 million but reaping only $139 million. The state, however, would be in the black for $25 million over the same period, and the transportation authority would gain $6 million in new tax revenues, according to the report. Mayor Bloomberg, the city’s Economic Development Corporation, and developer Forest City Ratner have all lambasted the report for inaccuracies. One objection is that it accounts for subsidies to the arena alone, ignoring the rest of the Atlantic Yards development, which the IBO justified by saying that subsidies to the mixed-use towers are as-of-right and available to any developer. In addition to the debate over the financial sense of the project, the timetable for completion of various stages has been called into question, as with a recent report commissioned by the Council of Brooklyn Neighborhoods that estimates the project could not be finished by 2019 and would take at least 20 years. The Atlantic Yards Report points out that even the former CEO of the Empire State Development Corporation Marisa Lago has said that it would take decades.
Report Finds Net Loss to City of Atlantic Yards Arena [NY Times]
City Gives More Than Gets at Atlantic Yards [Crain's]
Reports Cast Doubts on Timetable, Benefits [AYR]
New Barclay's Center Design Revealed [Brownstoner]
September 10, 2009
Ourousoff Weighs In On Barclay's Center Design
September 9, 2009
New Barclay's Center Design Revealed
The new SHoP design for the Barclay's Center, Bruce Ratner's envisioned home for the Nets, has just gone live on the center's website. There are lots of different views on rotation and Curbed has pulled out a bunch of still shots. Not surprisingly, Develop Don't Destroy is already out with a release calling it "lipstick on a corrupt pig." Regardless of your position on Atlantic Yards, there's no denying it's sexier than the most recent renderings, though that's not saying a whole lot.
Atlantic Yards Taps New Arena Architect [Brownstoner]
September 3, 2009
Atlantic Yards Taps New Arena Architect
Forest City Ratner, the developer of the Atlantic Yards project, has found a new architect for the arena to be built for the Nets, reports the Observer. After dropping Frank Gehry, the firm has been on the lookout for a new architect as well as for a way to save face. They settled on SHoP, a New York-based firm that is young and in demand; since SHoP has no arena experience, Forest City Ratner will continue to work with institutional design specialists Ellerbe Becket as well, so that the final product for the $800 million arena will be a collaboration between the two firms. The developer will make renderings available later this month, which will be essential for the next stage of the Atlantic Yards project: selling $700 million in bonds to investors before 2010 in order to qualify for tax-exempt status. And while Forest City moves forward with planning, design, and funding, there is still a major legal hurdle—an October court case regarding eminent domain. The Observer notes, "While Forest City has been victorious at every opportunity thus far, a victory for opponents and affected landowners in that court would certainly doom Mr. Ratner’s years-long efforts."
Nets Arena To Be Designed by SHoP [NY Observer]
Photo by Tracy Collins
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]
August 31, 2009
Atlantic Yards: Speak Now or Forever Hold Your Peace
The organization Develop Don't Destroy Brooklyn points out that today is the final day for the public to comment on the Atlantic Yards Modified General Project Plan. DDDB opposes the plan, obviously, due to its long-time stance against Forest City Ratner's $4 billion development project. DDDB cites abuses of eminent domain, for example, or the lack of proper community input on a project that will drastically alter the geography and character of several Brooklyn neighborhoods. Whatever your feelings are towards Atlantic Yards, however, today is your last day to throw in your $0.02. For instructions on how to comment, visit the Empire State Development Corporation website.
Atlantic Yards Rainy Weekend Activity [DDDB]
A Turning Point for Atlantic Yards [Brownstoner]
Photo by Tracy Collins
August 26, 2009
Bloomberg Opines on Atantic Yards, Coney Island
Mayor Bloomberg spoke with reporters from the Community Newspaper Group, the parent company of The Brooklyn Paper, on Monday as part of his campaign tour, where they discussed everything from overzealous ticketing agents to Atlantic Yards. Concerning the latter, he hopes that developer Forest City Ratner can use the Frank Gehry designs for the arena and skyscrapers, as originally planned but later abandoned due to cost. It would make the arena—and Brooklyn—even more of an international draw, he reasoned: "Simon and Garfunkel on their tour would go to Brooklyn in a second before they go to Madison Square Garden. They’re New Yorkers." (Has MSG been airlifted out of NYC recently?) Concerning the epic legal battles and financial concerns behind the massive development, the mayor sided with Ratner. "One of the great sins here is this small group of people stalled it so long [that] the economy is different," he said. (AY Report disputes this view here.) Also of note, Mayor Bloomberg touched upon another hot-button development topic, Coney Island. Last month, City Council approved his plan for a new amusement park, hotels, theaters, a water park, and apartments. The last step is to purchase all or some of the land owned by developer Joe Sitt of Thor Equities. "Fundamentally, the deal with him is done," the mayor said. He also insisted that Sitt will not develop the land himself, ominously adding that "He needs sewers; he needs water; he needs streets ... If the city doesn’t want to cooperate, [Sitt’s] going to spend a lot of time with a lot of money tied up."
Bloomy Still Wants Gehry—and Other Tidbits [Brooklyn Paper]
Bloomberg Blames AY Opponents for Loss of Gehry [AY Report]
Photo by David Shankbone, Wikimedia Commons
The Carlton Avenue Bridge: Closed Through 2011
The Carlton Avenue Bridge, west of Vanderbilt Avenue, was closed in January 2008, and the DOT announced this year that construction on the bridge should be complete by January 2010. The Atlantic Yards Report points out, however, that the DOT has "quietly advanced" the completion date to January 2011. The Report also suspects that the date will in actuality be later still, due to details in the filed documents and communications regarding the bridge: Forest City Ratner, the developer of the Atlantic Yards project, has three years to complete the bridge without penalty, but is trying to take advantage of a loophole by claiming Unavoidable Delay, which would extend the deadline to 2013.
The Carlton Avenue Bridge Closure [Atlantic Yards Report]
Photo by Tracy Collins
Latest Restaurant Additions
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Chickadee Chick
added November 6, 2009 12:00 PM in Park Slope -
Vutera
added November 5, 2009 12:00 PM in Williamsburg -
Park Cafe
added November 4, 2009 12:00 PM in Park Slope -
Bahia
added November 3, 2009 12:00 PM in Williamsburg -
Aqualis Grill
added November 2, 2009 12:00 PM in Fort Greene -
Wombat
added October 30, 2009 12:00 PM in Williamsburg -
Organic Heights
added October 29, 2009 12:00 PM in Park Slope -
Giardini Pizza
added October 28, 2009 12:00 PM in Carroll Gardens -
Rye
added October 27, 2009 12:00 PM in Williamsburg -
Bati
added October 26, 2009 12:00 PM in Fort Greene