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July 18, 2006
ESDC adopts plans for Javits, Atlantic Yards
Crain's NY Business
By Catherine Tymkiw
The ESDC gave a nod of approval for the $4.2 billion Atlantic Yards project in Brooklyn, and released a 1,000-page draft environmental impact statement.
The project includes an 18,000-seat sports and entertainment arena, 606,000 square feet of office space and 6.8 million square feet of residential housing, including about 4,500 rental units, half of which would be set aside for affordable housing.
The draft EIS considers two version of the project in case developer Forest City Ratner replaces some apartments with offices.
NoLandGrab: Ratner is still hedging his bet on the luxury-condo-vs.-office-space conundrum.
There's no demand for Class-A office space in Brooklyn, as evidenced by the fact that only luxury residential housing is being built under the Downtown Brooklyn Plan. However, New Yorkers have given a big yawn to starchitect-designed high-rise condos being offered at a premium price.
Oh dear, what's an overdeveloper to do?
Posted by lumi at July 18, 2006 7:13 PM