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August 22, 2006
NOW RATNER FACES BOOT
NY Post
By Patrick Gallahue
Atlantic Yards-footprint-property-owner Henry Weinstein has filed court papers to evict Bruce Ratner from the property that Bruce Ratner wants NY State to seize using eminent domain.
Confused yet? Why does Ratner need to take over the leases on a property he's going to take anyway?
The Post explains:
In 1999, Weinstein leased a former factory on Pacific Street to fellow developer Shaya Boymelgreen for 48 years.
This year, Boymelgreen turned the Pacific Street lease over to Ratner's development company, which could - with the state's aid - end up seizing Weinstein's building to put up the $4.2 billion professional basketball arena and residential complex.
Weinstein claims Ratner took over the lease so that he could tell the state he is in control of the property in making his case for the six-square-block project.
So Weinstein's suing Boymelgreen to cancel the lease.
...
Weinstein said he doesn't object to the buildings or arena that would make up the Frank Gehry-designed Atlantic Yards.He just doesn't want his and other private property seized via eminent domain.
"God knows I'm not against housing or economic development. I'm a developer myself," he said. "But constitutional rights are a much bigger issue."
Posted by lumi at August 22, 2006 10:56 AM