Bruce Ratner’s $4-billion Atlantic Yards project is floating on more than $2.1 billion in taxpayer subsidies."> Bruce Ratner’s $4-billion Atlantic Yards project is floating on more than $2.1 billion in taxpayer subsidies."> Bruce Ratner’s $4-billion Atlantic Yards project is floating on more than $2.1 billion in taxpayer subsidies.">
Today’s news:

BREAKING NEWS: Post reports Ratner’s Yards subsidies at $2.1 billion!

The Brooklyn Paper

Monday’s New York Post reported a story that is quite familiar to Brooklyn Paper readers: That Bruce Ratner’s $4-billion Atlantic Yards project is floating on more than $2.1 billion in taxpayer subsidies.

The Post story followed up The Brooklyn Paper, which reported this week that Ratner is about to ask for more subsidies in light of his recent admission that the project is in trouble.

The Post’s analysis was based on real-estate lawyer Michael D.D. White’s review of all the tax-abatement programs and direct subsidies that Ratner has sought or will seek to keep his mega-project afloat

A spokesman for Forest City Ratner told the Post that it was premature to speculate on the full cost of the public subsidies because the developer has not applied for all of them yet.

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Jim from Park Slope says:
FCRC's response is technically correct, but very telling. The reason they haven't applied for the subsidies is to allow Ratner the option of dumping the project with no penalties. Until he signs contracts for those subsidies he is free to abandon the project and hold on to the land he has acquired, land that has been partially funded by NYC's "infrastructure" payments! (Note: the land doesn't include the rail yards which are still the property of the MTA: that's another contract Ratner hasn't settled.)

Your city tax dollars at work! Sign over control to the state, agree to pony up city tax money that can be used for land acquisition, and grant permits to tear down buildings and blight a neighborhood so a developer can cry poor and put his hat out again.
April 15, 2008, 9:23 am
thomson2008 from new york says:
It isn't prudent to develop real estate without tenant demand or consumer demand," Linton said. "If that's your starting point, that's one strike against launching a new project. It's also increasingly difficult to finance that development anyway, so you've got two strikes against you.
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Thomson
MLS
Nov. 10, 2008, 4:58 am
thomson2008 from new york says:
It isn't prudent to develop real estate without tenant demand or consumer demand," Linton said. "If that's your starting point, that's one strike against launching a new project. It's also increasingly difficult to finance that development anyway, so you've got two strikes against you.
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Thomson
[url=http://mls.fastrealestate.net]MLS[/url]
Nov. 10, 2008, 4:58 am
Steven Hart from Berum Hill says:
The NYPD was out in heavily armed force to protect the pols and fat cats from protestors at the groundbreaking for the soon to be failing basketball arena. The lemon is locked and loaded, Folks, and no one has the slightest idea what will finally be built or when. It is an amazing triumph of money over reason, and another example of the end of due process in our time.
March 11, 2010, 3:30 pm

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