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December 20, 2006
Condo cuts were in the cards since October
Atlantic Yards Report
Norman Oder keeps reading, and the hits just keep on comin', this one under the heading of "deja vu all over again." Seems that today's last-minute "negotiations" were just one more example of good ol' fashioned FCRC pre-cooking:
Last month I wrote how most of the cuts in the size of the Atlantic Yards project announced in March and September were actually in a plan presented to the Department of City Planning back in January.
Now, it seems that the latest cut, apparently reducing the size of the Miss Brooklyn tower and cutting 322 market-rate condominiums, was likely in the cards since October. The KPMG memo dated December 19 is based on a “model date” of October 1. As of that “model date,” the developer was planning only 1608 condominiums, not 1930 units as announced to the public later in October.
Posted by lumi at December 20, 2006 5:37 PM