Atlantic Yards Scope Trimmed; Funding Still Fuzzy
Forest City Ratner is now envisioning a somewhat diminished Atlantic Yards, according to an article on Atlantic Yards Report based on the transcript of a meeting FCR held with investors last fall. To begin with, an FCR exec said the development would span “21 acres in downtown Brooklyn with 6.5 million square feet of residential…

Forest City Ratner is now envisioning a somewhat diminished Atlantic Yards, according to an article on Atlantic Yards Report based on the transcript of a meeting FCR held with investors last fall. To begin with, an FCR exec said the development would span “21 acres in downtown Brooklyn with 6.5 million square feet of residential and commercial development rights”—quite a bit smaller than the project’s original scope, 8 million square feet over 22 acres. FCR has also reduced the planned size of the Miss Brooklyn tower. The skyscraper was originally supposed to take up more than 900,000 square feet, but it’s now slated to be smaller (exactly how much smaller is unclear, though it’s possible more than 300,000 square feet will be lopped off the building when all’s said and done). Miss Brooklyn will also have more office space, and FCR has nixed the condos it planned for the building. FCR also revealed that it now thinks it will take 4 1/2 to 5 years to build the railyard, not 3 1/2 years as stated in the project’s environmental review; that the number of planned arena suites has been reduced from 170 to 130; and that the residential project at 80 DeKalb is a test run for Atlantic Yards.
At the meeting, FCR Executive VP MaryAnne Gilmartin also said that the firm has signed funding agreements with the city and state which allow us to be reimbursed for investments made in infrastructure and land to date on the project. This news contradicts other reports that funding agreements haven’t yet been finalized, so it’s anyone’s guess what the real story is on that score. In a separate piece of AY financing news, a spokesman for HPD told the Brooklyn Eagle that FCR has not applied for affordable housing bonds, and that when it does its application won’t be given preference over other proposed developments. According to FCR’s financial projections, it expects to ask for $177 million in bonds for affordable housing in 2008 and $344 million in 2009. Those projections would take up a lot of HPD’s bond financing if the bond money the department released last year is any indicator: HPD’s total allowance of bonds in 2007 was $659 million.
Forest City’s Report to Investors [AY Report]
Ratner Will Be Treated Like Other Developers, Says City [Brooklyn Eagle]
Where’s the Dough for AY Affordable Housing? [Brownstoner]
d.e.a.d.
d.e.a.l.
and so our discussion ends with name calling. nicely done. i too may have taken that route if I didn’t have facts on my side.
“which lot is that? before the construction started there was nothing but happy people, businesses and attractive buildings here”
Sorry I didnt realize you were delusional
Providing a new apartment with rent stabilized protections (in 10 years? super!) in a brand new luxury (ha!) development is far from the “bare minimum”.
–legally, it is.
If your apartment is rent stabilized then the longest lease it can only be is 2yrs
–long enough to sink this thing
And congratulations on your potential victory -(thanks!) Please enjoy living in your dilapidated (it was in great shape before Ratner bought it, talk about a bad landlord, why would I want to move back into one of his buildings? he’s the worst!) rent-stabilized apartment in the middle of a huge vacant garbage-weed-strewn lot (? which lot is that? before the construction started there was nothing but happy people, businesses and attractive buildings here); next to a disgusting railyard for the rest of your life. (no one said there shouldn’t be construction on the railyards. higher bidders offered to clean that up nice.)
Providing a new apartment with rent stabilized protections in a brand new luxury development is far from the “bare minimum”
If your apartment is rent stabilized then the longest lease it can only be is 2yrs
And congratulations on your potential victory – Please enjoy living in your dilapidated rent-stabilized apartment in the middle of a huge vacant garbage-weed-strewn lot; next to a disgusting railyard for the rest of your life.
1. The law does not specify the terms of a plan of relocation – just that there be an “adequate” one – seems to me Ratner’s plan is generous
Ratner’s plan is the bare minimum. Who defines “adequate”. What actions can someone take if there is a disagreement about what “adequate” means.
2. The “haves” obviously can’t do what they want to the “have nots” – as the law provides amazing protections – this relocation plan stems from that law and costs plenty of $
i shed no tears for the billionaire who is forced to spend money to uproot a community
3. In most places in the US (and the rest of the free world) at the end of the lease you would have NO RIGHTS –
good thing we all have long leases that require eminent domain to terminate early
4. In many other places they just shoot you in the head and take your property
good point. now i feel grateful.
But here in NYC you are granted terrific protections and rather then being grateful you whine and complain that it isnt fair. Can you not see how LUCKY you have been and how LUCKY you are?
i sure do feel lucky. i can’t wait to be relocated to ditmas park and be forced into having an ongoing contractual relationship with FCR for the rest of my life. but hey at least I’ll have the Nets!
look, you say whining, I say fighting for my neighborhood. I’ll leave when they drag me from my living room and not a moment earlier. luckily the process for terminating our leases will take at least a year, by then all funding will have dropped out so I may as well throw a new coat of paint up on the walls b/c this deal is going down the drain, and I’m proud to be part of the reason why.
Speak for yourself, 12:57. I live in Prospect Heights and want this development.
1. The law does not specify the terms of a plan of relocation – just that there be an “adequate” one – seems to me Ratner’s plan is generous
2. The “haves” obviously can’t do what they want to the “have nots” – as the law provides amazing protections – this relocation plan stems from that law and costs plenty of $
3. In most places in the US (and the rest of the free world) at the end of the lease you would have NO RIGHTS –
4. In many other places they just shoot you in the head and take your property
But here in NYC you are granted terrific protections and rather then being grateful you whine and complain that it isnt fair. Can you not see how LUCKY you have been and how LUCKY you are?
WAAHHHHHHHHHHHHHHHHH
Amazing they call people in Park Slope – “entitled”.