Atlantic Yards Environs Booming in Anticipation
The Daily News is reporting that developers have”at least two dozen” condo projects on the drawing board in the area surrounding Bruce Ratner’s Atlantic Yards project. One developer, Eli Karp, alone is building five separate buildings alond the stretch of Pacific Street between Grand and Washington. “I decided, why wait for the arena?” Karp said….
The Daily News is reporting that developers have”at least two dozen” condo projects on the drawing board in the area surrounding Bruce Ratner’s Atlantic Yards project. One developer, Eli Karp, alone is building five separate buildings alond the stretch of Pacific Street between Grand and Washington. “I decided, why wait for the arena?” Karp said.
In the same article, we get a much-needed update on sales at The Washington Condos, where Aguayo & Huebener trumpets their success at being able to sell 28 of the 39 units from architectural plans. Even more interesting, the article notes that prices have been raised five times and are now range from $575 to $700 a foot. We also learn that Jerry Minsky sold the three-story brownstone at 181 Prospect Place in 48 hours.
Condos Rise While Ratner Fights [NY Daily News]
Development du Jour: Pacific Blue [Curbed]
I don’t see us anti-AYers failing at all.
Thus far Ratner’s only scammed about $50 million of affordable housing dollars out of New York taxpayers – used to buy the land for the arena and of course a LOT of PR work. Not so much progress on the affordable housing component yet.
There is confusion around the total amount of subsidies, in large part because neither Ratner nor the politicians in his pocket will document the totals for obvious reasons. And $1.9 billion is not a joke. It’s probably very close to the actual cost, assuming smething gets built. Unlike Ratner’s claim of the development generating $1 billion in tax revenue. Now THAT’S fiction.
But even using Ratner’s made up number, from an economic POV, taxpayers spending almost $2 billion to make $1 billion seem like a good idea to anyone?
“If you want to go somewhere without government or taxes, i would recommend iraq.”
Typical anti-Ratner hysteria. No wonder you guys are failing. All you can do is point fingers and scream. I can’t wait until this arena is built and you all can move on to your next cause (which will hopefully be far from my neighborhood).
gee, escap, maybe some of the money we earn is enabled by public services that create the environment in which business and civic life is capable of functioning.
so, yes, getting a 30-year tax deferrment on a humongous development project is a pretty significant subsidy unless, of course, you’re a libertarian ideologue and don’t believe in taxes.
if you want to go somewhere without government or taxes, i would recommend iraq.
Most people do consider a deferred tax a subsidy, but I’ve never understood that logic. I’ve always thought of a subsidy as public money that is granted to some entity. But allowing that entity to keep its own money? Is that some kind of gift? It’s like saying the 60% of my salary that I’m allowed to keep is actually a subsidy equal to that amount of money. Gee, thanks!
david,
virtually every community opponent of the ratner proposal, without exception, supports development and improvement of the vanderbilt railyards. so, this idea that the site will “never” be developed unless ratner does it in the way that he proposed in his first draft is kind of strange. it’s an extraordinarily desirable and valuable site. there is every reason to believe that it could be developed in a way that is satisfactory to most if not all of the stakeholders.
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David,
Sorry I’m not more aware of your fine work in the Brownstoner comments section.
Deferred taxes are definitely a “subsidy,” even by Ratner’s own definition.
Please define subsidy –
is it a subsidy to defer taxes that wont exisit if the site is never developed (my answer=no; your answer=yes-especially if Ratner is the developer)
Is it a subsidy if the city/state needs to improve the infrastructure to support the growing population/economy related to successful development (my answer=no; you answer=yes;especially if Ratner is the developer)
anonymous, if its a lie, prove its a lie. or just go with Jim Stuckey’s own year old estimate of a 1.1 billion dollar subsidy.
I agree with David. Anti AY folks should stick to the important issues like improper use of eminent domain, appropriate land use, and the scale of the project. When they lie about the government subsidy ($1.9 billion is a joke and not supported by the facts), and delve into the impact on local real estate, they just look foolish.