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]
“its absolutely pathetic to think that person is not entitled to anything. why? because he is not wealthy? because he has not been able to afford, or has chosen not to buy a place? ”
Yes, now you’ve got it! You are not “entitled” to a place you do not own, no matter how long you’ve lived there, no matter your financial status. Why is that a slap in the face? Did you expect to be offered something for nothing? This is the United States of America.
that “generous” relocation agreement is what is required by law. it’s not something being offered out of kindness. relocation is indeed a kick in the pants. it means the haves can essentially do as they please with the have nots. relocate where? these people live here! this is their neighborhood! relocate them to kensington? bed-stuy? who gets to decide? thats not stated in the relocation “offer”. i’m sure it seems like a sweet deal for those not affected, but for those who are it’s a slap in the face.
“a rent stabilized lease has real value”
Yes because NY affords RS tenants incredible protections (such as perpetual lease renewals) – virtually everywhere else such protections do not exist and a lease only has a value for the period it is in effect and the LL is not obligated to give a renewal.
HOWEVER, there are exceptions to this protection and therefore your lease does not = OWNERSHIP. You have enjoyed the benefits of NY laws for 30 years – now you will have to LIVE by those same laws and vacate your leasehold – lucky for you there is a very generous relocation agreement in place that will afford you an equivalent apartment under similar lease terms for likely the rest of your life.
Not a bad financial deal who put up $0.
I would hardly call this a “kick in the pants”:
From the relocation agreement offered to ALL tenants:
Forest City would cover the tenants’ moving expenses, pay the difference between their current rent and their new rent at the interim apartment, and provide apartments in the proposed development “at rent levels comparable to their current rents.â€
All you ‘own’ is a leasehold in a RENTAL apartment – what else do you expect to be provided – this settlement seems pretty fair to me and is FAR more then you’d get if you were being evicted by a LL who wanted to convert the property to a single family (for example) – in such a case you’d get NOTHING.
“someone who does NOT own a hoje in the fotprint” is entitled to live their lives without the wealthy being able to do with them as they please. a rent stabilized lease has real value, especially in a neighborhood like prospect heights. people in those apartments are spending as little $400/month in rent. so someone wants to bring a basketball team to Brooklyn, now that guy who has lived their for 30 years, through the good times and bad has to move to Delaware? its absolutely pathetic to think that person is not entitled to anything. why? because he is not wealthy? because he has not been able to afford, or has chosen not to buy a place?
Just a quick comment about the affordable housing financing. A developer looking for those bonds in NYC can either get them through HDC or through the State (HFA). The State has a much higher bond capacity than the City does. Not sure what the plan is for Ratner (City vs. State) for the source of the bonds, but you should keep that in mind for future posts b’stoner.
“not everyone in the footprint owns their home. many, like myself are renters and many are rent-stabilized. many of these renters have been living here 30+ years. We have been offered exceptionally little beyond a kick in the pants, let alone a Uhaul decked with gold.”
What, exactly, is someone who does NOT own a hoje in the fotprint entitled to? It’s really too bad that you have to leave, but you don’t own your building, so why would you be entitled to an “offer?”
not everyone in the footprint owns their home. many, like myself are renters and many are rent-stabilized. many of these renters have been living here 30+ years. We have been offered exceptionally little beyond a kick in the pants, let alone a Uhaul decked with gold.
2:06 – not unless your are buying the uhaul and then decking it out with gold leaf – Ratner payed everyone far more then your place was worth or what you payed.
Dispute it – ok then please provide your block and lot number for verification.