Appeal Over Atlantic Yards Suit is Filed
Develop Don’t Destroy Brooklyn and 25 co-plaintiffs are appealing a judge’s dismissal of a lawsuit over Atlantic Yards’ environmental impact statement. A state judge tossed the suit—which argued that the state’s review of the project didn’t fully account for its possible effects on traffic, security and open space—in January. The appeal ultimately aims to make…
Develop Don’t Destroy Brooklyn and 25 co-plaintiffs are appealing a judge’s dismissal of a lawsuit over Atlantic Yards’ environmental impact statement. A state judge tossed the suit—which argued that the state’s review of the project didn’t fully account for its possible effects on traffic, security and open space—in January. The appeal ultimately aims to make the state conduct a new environmental impact review study for the development. Atlantic Yards Report says oral arguments will be held in September.
Atlantic Yards Opponents File Appeal [NY Sun]
Appeal Filed in Case Challenging AY Environmental Review [AY Report]
Atlantic Yards Litigation Tradition Continues: New Appeal Filed [Curbed]
Photo by Tracy Collins
“Affordable housing is still very much a part of the project.”
Right. And everybody gets a puppy too.
How naive are you, Mr. Polewhateverwhozit?
10:58 – you may have done securitization but you wont be using that skill for a long time…securitization is finished for a long while – sorry but banks are sheep and the herd has moved on…..
Johnny, I hear you, but I think your (most recent post) underscores the reason why Ratner will probably just wait it out (the “it” being the current economic downturn and the uncertain political climate) if he has to. Once he gets the Nets to Brooklyn, their market value goes through the roof. The Nets will easily be worth north of a billion dollars factoring the value of the arena alone…and if they sign Lebron James in 2010, forgetaboutit! So even if he continues to loose $17 mill a year (like they did in 2007) for the next 3-5 years, it’s still worth it for him to wait until he has all of the stars in alignment and can move forward.
Id love to hear NJ’s POV on snatching up thier team.
Polemicist is correct. DDDB is a simply interested in protecting their own vision of this small piece of Brooklyn, to the exclusion of the unemployed and those seeking housing in this very crowded city. It’s shameful.
“Stall this baby as long as possible and maybe it will just go away for good, and a better project can take its place.”
Typical of DDDB’s “plan,” i.e., NO plan.
10:58 – that’s a good question. I believe the answer is that because Ratner’s dead broke, he needs the naming rights for the other costs –
The NYC taxpayer picks up the first $500 mil for the $1 billion stadium, and the naming rights pay a lot of the remaining construction and operating cost. Stadium essentially costs Ratner nothing (give or take).
The big winner here is Ratner – as owner of the Nets. Once we’ve donated the stadium to FCR, the Nets are worth, quite literally, several hundred million dollars more than they’re worth today – until they’re sold and relocated of course.
See GW Bush and the Texas Rangers.
Now why the city entered into a $4 billion project with a developer with no money is also a good question.
Well another day on the blog shot to hell by the faded type spammer.
I have no opinion abut DDDB’s integrity, but it’s a rip-off of the public so anything that screws this dying porject is cool.
As for Polemicist’s tired mantras about high density development, he can f*** of to Starrett City, there a thread about that today, though the spammer got that one too.
Guest 10:21, Johnny, and all the other Anti-AY folks out there who say that theres “no way” the arena is going to happen…I ask this question (not out of partisanship, but just out of curiosity). Why would’nt Ratner just securitize the proceeds of the $400 naming rights deal with Barclays (it IS in fact possible to securitize naming rights…I’m a lawyer and securitizations are what I do for a living) and use that as leverage to obtain financing for the arena in full? I find it hard to believe that Ratner would (i) take the team to Newark…New York (even Brooklyn) is such a HUGE market, he would literally be leaving hundreds of millions of dollars on the table, or (ii) walk away from the largest naming rights deal in the history of professional sports (as least until the NY Giants / NY Jets do their deal on the new Giant Stadium). It makes no sense!
Thank you, Johnny. Precisely.