Ratner's Heavy Hand Cuts Both Ways
Concern over the scale of the proposed Atlantic Yards development and the use of eminent domain tend to dominate the discussion, and rightfully so. However, what is often overlooked is how well a few people did in their buyouts. At 636 Pacific Street (photo), for example, The Times reports that most people received more than…
Concern over the scale of the proposed Atlantic Yards development and the use of eminent domain tend to dominate the discussion, and rightfully so. However, what is often overlooked is how well a few people did in their buyouts. At 636 Pacific Street (photo), for example, The Times reports that most people received more than twice what they paid only a year or so earlier. “We got a premium on this lemon of a building that turned into a great investment for us,” said Mark Klein, the former president of the condominium board. The last hold-out at 636 is DDDB’s Dan Goldstein, who’s reportedly facing condemnation by the state if he doesn’t play ball. Renters, however, have had their lives disrupted often with only a few thousand dollars in compensation.
In other Ratner news, Bruce gets a shout-out in the new theme song rap for the Nets:
    We brought Kidd from the Suns/Vince from the Raptors
    Elite in East/Since Erving was in the rafters
    Check the skybox/Blackberry active
    Making transactions/ It’s Bruce Ratner.
Cringe.
Some Find Greener Grass [NY Times]
A Rap for Nets Owner [NY Post]
Good thing all you pundits have your eye on the big picture: The Use of the Threat of Eminent Domain.
Not your fault, considering Nick “House Organ” Confessore couldn’t see the big picture if it was tacked on to his belly button.
I’d like to use this forum to encourage all renters to seriously consider buying something. There are so many owning options, as long as you’re flexible about where you’ll live. Once you own, you build equity and have far more control over your life.
And, no, I don’t work for a realtor – I’m just a former renter who scrimped and saved for five years to buy something, and am sooooooooooo glad that I made the sacrifice.
Bx2Bklyn – except that the renters WERE treated fair, thier moving fees were paid, they were given buyouts and/or right to new apt in AY and they were paid any increase in rent for next 3yrs – isnt that fair? If it isnt what in your mind would be fair- short of no
AYs
I’m sure many renters were caught mid-lease. I think it’s also important to note how many people think tenants should have no say or rights at all. Again- people are gtting displaced, it costs them a bundle- no one is saying give them the same thing that owners get, but how about being fair?
Since your trying to validate your point maybe you could provide a link or 2…., I did a search for the reporter and I only found references to a commercial tenant being displaced.
David: Sorry for the slow reply. I’m certainly not avoiding the question — just (gasp) busy working. These two instances were documented by WNYC reporter Andrea Bernstein. Go check the archives.
Bx2Bklyn, I understand your argument about businesses getting bought out of their contracts.
I see a couple of differences however between businesses and residential renters. For starters, businesses are usually bought out of their contract if the negotiations occurs mid-lease. If the lease expires then the owner has the right to refuse to renew the lease.
Businesses usually have multi-year, long-term leases (e.g., 5-10 years), not the short-term, one year or month-to-month leases that are typical of the residential rental market.
I’m typically a ‘bleeding heart’ but I find it a bit difficult to side with the renters who are being displaced. I don’t know all the details but it seems as if FCRC is attempting to negotiate fairly with all the parties involved, renters included.
Hey Brownbomber. I live in Newswalk and I am on the Condo Board. I hate to say your friends in the building are amongst the very few who feel that we are the unlucky ones because if condemnation takes place Newswalk won’t be part of it. So you’re saying they support the abuse of eminent domain? By the way I’m just curious to know who they are.
“Ratner paying you? Are you Ratner? This is still a free country- you may not agree with their opinion but they still have a right to state it. You sound like a broken record already…”
Yeah, whereas this is the first time puckish has ever accused someone of being paid off by ratner.
http://brownstoner.com/brownstoner/archives/2006/04/yards_scaleback_1.html