March 1, 2007
It came from the Blogosphere...
Only the Blog Knows Brooklyn, ATLANTIC YARDS OP-ED, FINALLY
Read the New York Times' Op-Ed about Atlantic Yards in the Staurday Times by novelist Jennifer Egan, who lives in Ft. Greene.
It's the first one ever. Can you believe?
The Gowanus Lounge, Speak No Evil: Thor Coney Tenants Required to Sign Confidentiality Clause
Mandatory gag orders for those who sign up with the developer's program? That sounds familiar. Joseph Sitt continues to learn from the master.
Gothamist, Atlantic Yards Financials Released
Brownstoner gets props for posting the AY financial projection three-page summary. Also, the blog puts a call out for Developer IRR for Dummies.
A 10 year projection for a $4B capital project? Sure would be nice to see the 20, 30 and 40 year projections - the IRR probably goes through the roof beyond year 10.
A cursory glance at the Atlantic Yards financials:
They show an average return of 9.6 percent a year to Forest City Ratner, but about $1 billion in cash flow to the developer over the last three years covered (2013-2015).
Eyes have glazed over in usually heated comments section; probably has something to do with all those numbers. One commenter picks up Bruce Ratner's take-home message, that the development company isn't really making all that much and that it's hard to predict the future:
but a 10% return is not that big for the risks and headaches he is going through...and any projection beyond 5 years is anybody's guess (although a billion does sound pretty impressive)
[For rebuttal, read the *Gothamist comment above.*]
The Gowanus Lounge, Atlantic Yards Financial Documents: "Actual Results May Vary"
Could it be the same old same old? GL links Norman Oder's analysis and Develop Don't Destroy Brooklyn's response and posits:
All of which seems to indicate that the same lack of clear financial information that has surrounded the Atlantic Yards project from the very beginning still exists despite this "release of information" by the Empire State Development Corporation.
The Real Estate Obsever, ESDC Releases Atlantic Yards Projections
Stop what you're doing: The Empire State Development Corporation has released its financial projections for the Atlantic Yards project! Brownstoner has them, and, apparently, they conform to the speculation of project opponents.
NoLandGrab: REO's assesment came about before the project opponents had a chance to digest the docs. Also note, as Shahn Andersen pointed out in Brownstoner comments, the percentage return means nothing without knowing how much money Forest City Ratner is putting in.
Posted by lumi at March 1, 2007 7:12 AM