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December 20, 2006
KPMG report to ESDC... says nothing about net revenue to city and state
Atlantic Yards Report
Atlantic Yards Reporter Norman Oder has already managed to get a peek at the elusive "independent economic analysis" for Atlantic Yards, and it's more noteworthy for what it doesn't address than for what it reveals.
Oh, except for the fact that Forest City Ratner is apparently feeling less bullish about Brooklyn's luxury-condo market... and Miss B. has lost her head.
Though the ESDC could not provide it to Assemblymember Richard Brodsky on Monday, yesterday, a new version of the analysis was prepared and released to Assembly Speaker Sheldon Silver, the key vote on the Public Authorities Control Board (PACB).
The document concerns cash flow assumptions regarding Forest City Ratner's revenue for the arena and mixed-use development. It says nothing about new revenue to the city and state. And while it discusses the developer's internal rate of return, it doesn't specify the developer's expected profit.
It does suggest that Forest City has further trimmed the project, cutting the number of condominiums from 1930 to 1608, or more than 300,000 square feet. (Indeed, Crain's reports that the height of Miss Brooklyn, planned at 620 feet, will now be shorter than the 512-foot Williamsburgh Savings Bank, and that 200 of 2250 affordable apartments will be for sale rather than for rent.)
Posted by lumi at December 20, 2006 1:10 PM