Forest City Ranter last week sued New York City to ask for a reduction in the assessed value of one of its as-yet-unbuilt Atlantic Yards sites. Forest City is seeking to reduce the amount it would pay in tax, DNAinfo reported.
The developer already has received at least $761 million in subsidies from the government, according to the publication. The site in question, on the southern side of the project, is Block 1129 — currently a parking lot. The Finance Department valued it at $11,200,000. FCR says it’s worth about $1,600,000. Technically, FCR doesn’t pay property tax, but rather something called “payments in lieu of taxes,” or PILOTs, because it leases the land from the city.
If all this sounds familiar, that’s because last year the company filed another lawsuit charging the city had overvalued Barclays Center. Three days after DNAinfo reported the lawsuit, FCR dropped it, saying it was filed in error.
Above, the railway over which some of the Atlantic Yards project will be built.