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About DDDB
Our coalition consists of 21 community organizations and there are 51 community organizations formally aligned in opposition to the Ratner plan.

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"Why should people get to see plans? This isn't a public project."
Bruce Ratner in Crain's Nov. 8, 2009

A Why? Atlantic Yards Becomes a Question Mark

Time to start referring to AY as A Why?

The New York Observer
breaks news:
Atlantic Yards Becomes a Question Mark
Forest City Ratner pushes for faster public funding, private loan extension as recession clouds future

The New York Observer. by Eliot Brown

In a Forest City Enterprises conference call last week, the top executives at the real estate developer took a decidedly solemn tone, addressing analysts and investors who have seen the company's share price drop 92 percent in the past 18 months.

"I must confess, I've never seen anything quite like this,' Forest City's president, Chuck Ratner, said of the financial crisis. "We believe conditions will worsen.'

With the financial crisis swallowing planned developments around the city, it has become very much an open question as to whether Forest City can actually build Atlantic Yards, the massive mixed-use development and new home for the Nets, planned for Brooklyn and headed up by its subsidiary Forest City Ratner Companies.
...

Bruce Ratner, the Brooklyn-based cousin of Chuck Ratner who runs Atlantic Yards, seems to be rushing to patch a leaky dam. According to multiple people familiar with discussions, his subsidiary company, Forest City Ratner, is attempting to cobble together extra money; trying to speed up tens of millions of dollars it is owed by public entities; delay tens of millions in payments it owes to both the public and private sectors; and tack on new subsidy programs for the housing piece of the project. Earlier this month, Bruce Ratner abruptly shut down preliminary construction efforts related to the NBA arena in an apparent attempt to preserve cash.

At a glance, Atlantic Yards would certainly seem a prime candidate for collapse.
...

TO EASE the financial pressures on the project, Forest City is attempting to change some terms with various city and state agencies, according to multiple people familiar with discussions.

The developer is due to owe the M.T.A. $100 million when it closes on the three-block Vanderbilt rail yards, an act that is slated to happen after the eminent-domain litigation is completed. But financing is nearly impossible to find and Forest City is hardly swimming in cash. Thus, according to one person familiar with talks, the developer has asked the M.T.A. to restructure the payments so it does not pay the full $100 million upfront.

The developer is seeking the converse from the city, which owes Forest City a total of $100 million in direct payments to be spread out over time. About $40 million of this sum has already been paid to Forest City, and according to multiple people familiar with discussions, the city is considering speeding up the payments on the balance.

As for the housing component, much of which is for families with low or middle incomes, Forest City is in discussions to add on additional affordable-housing programs or incentives beyond what it outlined in 2006, bringing greater subsidy to the apartments. According to the KPMG report from 2006, the developer outlined three main programs to subsidize the housing: a tax abatement program known as 421-a; the Federal Low-Income Housing Tax Credit Program, which is providing less valuable credits than it did in 2006; and tax-exempt bond financing through a middle-income-housing program set up by the city.

(Spokesmen for the M.T.A., Empire State Development Corporation and the city declined to comment on negotiations.)

And in terms of the private sector, the developer is seeking to extend a loan with Gramercy Capital on Forest City–owned property in the project's footprint, slated to come due in February. The large bridge loan--a $152 million loan from Gramercy was listed in property records--was originally intended to be rolled into a larger financing package that Forest City would have obtained before construction started, according to an executive involved with the loan.

Full article.




Posted: 12.17.08
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Eminent Domain Case
Goldstein et al v. ESDC
[All case files]

November 24, 2009
Court of Appeals
Ruling

[See ownership map]

EIS Lawsuit

DDDB et al v ESDC et al
Click for a summary of the lawsuit seeking to annul the review and approval the Atlantic Yards project.

Appeal briefs are here.

2/26/09
Appellate Divsion
Rules for ESDC
What would Atlantic Yards Look like?...
Photo Simulations
Before and After views from around the project footprint revealing the massive scale of the proposed luxury apartment and sports complex.

Click for
Screening Schedule
of
Isabel Hill's
"Atlantic Yards" documentary
Brooklyn Matters


Read a review
-----------------------
Atlantic Yards
would be
Instant
Gentrification
Click image to see why:


-No Land Grab.org

-Atlantic Yards Report
-Atlantic Yards Deathwatch
-The Footprint Gazette
-Brooklyn Matters
-Noticing New York
-NY Times "The Local" FG/CH
-Brooklyn Views
-Council of B'klyn N'hoods
-The Brooklyn Paper
-The Brooklyn Wire
-Atlantic Lots
-Who Walk in Brooklyn
-S. Oxford St. Block Assoc.
-City Limits City Blogs
-The Knickerblogger
-Anyplace, Brooklyn
-Bklyn Bridge Park Defense
-Bay Ridge Journal
-Clawback
-Picketing Henry Ford
-Castle Coalition Blog
-Dope on the Slope
-Gowanus Lounge
-Fans For Fair Play
-Views from the Bridge
-Old First Blog
-DailyHeights.com
-Brooklyn Footprints
-Freddys Bklyn Roundhouse
-Ctr for the Study of Bklyn
-Pardon Me for Asking
-Clinton Hill Blog
-Only The Blog Knows BK
-Brownstoner
-Sustainable Flatbush
-A Child Grows in Bklyn
-Williamsburg Warriors

-The Real Estate
-Rail Yards Blog (H. Yards)
-OnNYTurf-Atlantic Yards
-Manhattan User's Guide
-Naparstek
-Streets Blog
-Urban Place & Space
-New York Games
-Field of Schemes
-News 12 Brooklyn
-Queens Crap
-Dist.35 Comm'ity Gazette
-Save Our Parks (Bronx)
-Eminent Domain Watch
-NJ Eminent Domain Law
-PLANYC
-Big Cities Big Boxes
-www.DANDOCTOROFF.com
-Olympic Bloomdoggle
-TenantServices.com
-Tenant.net