Hotel Handout, Few Affordable Phase 1 Units at AY
Sarah Ryley over at the Brooklyn Eagle’s been digging through the recently-released Atlantic Yards documents and finding some interesting things. In an article online yesterday, she wrote that the Forest City Ratner would be selling the rights to build a hotel within Miss Brooklyn for $28.8 million. “Basically, it’s eminent domain being used to give…
Sarah Ryley over at the Brooklyn Eagle‘s been digging through the recently-released Atlantic Yards documents and finding some interesting things. In an article online yesterday, she wrote that the Forest City Ratner would be selling the rights to build a hotel within Miss Brooklyn for $28.8 million. “Basically, it’s eminent domain being used to give the land to Ratner for free,” commented Dan Goldstein. “Then he gets to sell it, which again is pure profit to him as opposed to the state and the city. In a separate article, Ryley also notes that less than 10 percent of the first-phase apartments—143 out of 1,580—will be low-income units. Another 216 apartments will be for middle-income earners. “The so-called moderate-income properties are way beyond the incomes of the vast majority of residents in my district, so to call those units affordable is laughable,” said City Council Member Letitia James.
Ratner May Net $30 Million On Sale of Arena Hotel [Brooklyn Eagle]
Few Affordable Apartments for First AY Tower [Brooklyn Eagle]
So boring. How is this any different from Ratner selling the naming rights to the arena to Barclays for $400 million? Who cares?
No development of this size and nature (e.g., millions of square feet of commercial and residential space, sport complex, relocation of rail yard, etc.) gets built without the use of government subsidies. Who are you people fooling? Give it a rest.
I really do want affordable housing — and more of it and more affordable than this ridiculous proposal. I really don’t want a bunch of hideous out-of-scale skyscrapers, regardless of whether they’re filled with condos or hotels or rental apartments (luxury or otherwise). Affordable, in-scale development is what I do want. If Bruce Ratner wanted to build only luxury housing on that site I (and many others) would complain, especially if he wanted to build the ugliness he’s proposing now.
I think Spitzer ought to be worried about how all the financing of this project for the financial improvement of a company controlled by an already rich family is going to play to upstate voters. He may think that it’s not his project, but it totally is. If I were living in Syracuse you bet I’d vote him out of office for it. Why didn’t they invest the same amount of taxpayer money to stimulate jobs upstate at the expense of the taxpayer. And since when have construction workers been known to be so lacking in jobs anyway? Let me tell you Ratner goons on here, we know that you aren’t going to hire and train that many minority construction workers. We know it’s a scam. And anyway the full extent of this embarrassment will hurt Spitzer and even Bloomberg if he ever really does run for any kind of other office. He may be rich, but he is stealing taxpayer money to fund rich dudes named Ratner, not helping out the voters.
AY opponents don’t really want affordable housing. They understand that Ratner will not do AY unless it is extremely profitable and encompasses a high density/high rise development with predominantly luxury condos. So they use the affordability issue as a ruse/wedge. What AY opponents really care about is the arena. They oppose the project because of it and the types of “undesirable” people that the arena will attract to the immediate vicinity (ironically the same types who often occupy low income housing – black and poor). Very similar to why the PHCAC (Pat Hagan) opposed the homeless shelter on the corner of Pacific and S. Portland.
If Ratner got rid of the arena and made the entire development 100% luxury housing for high-income families, no one would utter a peep; trust me – nobody.
Well Reality Bites, you may not care about Ratner’s ROI, and that’s fine. You don’t mind the tax subsidies, either; that’s nice. But the courts actually do care.
And reality must really bite as you don’t seem attuned with it. Atlantic Yards has not yet passed any legal hurdles, its tied up in 3 court cases.
it is pretty odd though that you “don’t mind” subsidies (sorry, welfare) for a billionaire building an arena and condos, but you do mind welfare (sorry, subsidies) for “these leeches.”
Reality Bites – do me a favor, don’t agree with me anymore
Wow — what an amazingly bigoted, racist, and elitist rant. I don’t think I’ve ever read anything so openly virulent on this or any other site. Truly incredible and frightening that there are people in this city in this century who think like that. To avoid those types was exactly the reason I moved to NYC from the stultifying suburbs in the first place.
I’m struck that a blog about real estate brings out so much hate in people. I’m especially astonished at the degree of hate expressed toward people of modest means. “poor people are poor for a reason; they lack values, a strong work ethic and the ability to help themselves. They are like roaches”? What’s wrong with you?
What is it about this blog that brings out such hatred? I was really taken aback by the truly viscious comments on the Park Slope Mommy thread yesterday — particularly toward people who have infertility treatments or adopt Chinese kids.
I guess real estate really is a business that attracts very scummy people.
Another none story. You people are pathetic. I agree with David. Did you expect Ratner to run and operate the hotel himself? How retarded and sad some of you are.
I’ve said it once and I’ll say it again, WE NEED MASSIVE GENTRIFICATION east of Flatbush Avenue and AY gets this job done in the shortest period of time possible. I think we should back end all of the affordable housing (trust me I don’t want any) until the very last stage of the project. This way it gives the project and the entire area an opportunity to develop “organically” (yes, I used it in the context of AY!) and become thoroughly solidified before poor people try to come in and take over. Again, poor people are poor for a reason; they lack values, a strong work ethic and the ability to help themselves. They are like roaches; give them a small portion and before long they’re taking over the entire complex and the place becomes another Marcy Projects.
You country granola anti-development nut jobs will never be happy with AY no matter what. I know this and everyone on this board knows it so I don’t understand why Brownstoner keeps wasting everyone’s time with this garbage. AY is a done deal. It’s over. The project has passed every public and legal hurdle. It’s going to happen whether some of you sorry asses like it or not so give it an effing break already and stop with the constant whining, bitching and moaning.
Ratner is a businessman and he put this deal together so he deserves the benefit of the bargain. I’m a taxpayer too and I don’t mind using my tax dollars to subsidize this project. Moreover, I don’t give a damn how much Ratner makes on this project – more power to him. FCR’s ROI on AY is inconsequential to me and I couldn’t care less. I’m just happy that AY is getting built (yes, eminent domain and all), that Brooklyn’s getting a sport franchise and arena, and that a massive luxury housing development is being built east of Flatbush Avenue. AY is going to be great for nabes like FG, CH, PH, BS, CHN and PLG!
Right now these nabes are not diverse! They are predominantly black and poor! If you truly believe that mixed income communities are ideal for NYC and Brooklyn in particular, then you should support AY because it swings the pendulum the other way and will make these nabes much more diverse then they are today.
And please don’t give me the bull about the displacement of black folks. Even in the face of gentrification the vast majority of black homeowners will not sell and leave (they are in abundance in FG, CH, BS, CHN and PLG); those who do will be making a windfall so I’m not shedding any tears for them. With respect to the renters, who cares. Most of them are living in the nabe under some form of gov’t protection anyway whether it’s rent control, rent stabilization, Section 8 or a NYCHA program. These leeches are not going anywhere; at best all we can hope to do is stop their growth and future encroachment. Market renters will continue move around as they have larger families, relocate due to job transfers and purchase homes themselves. Lastly, nobody owns a neighborhood. The blacks replaced the Jews and eastern Europeans who replaced the Italians and Irish, who replaced the Dutch and Anglo. As history often proves, everything always comes around full circle.
If black people think that whites should go back to Manhattan, then blacks should go back to Alabama and Mississippi! Nobody owns NYC! You simply move along when your time’s up!