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March 2, 2007
RATNER READIES WRECKING BALL
NY Post
Despite the fact that demolition permits haven't been approved yet, Rich Calder is reporting that Bruce Ratner plans to "demolish 12 buildings... next week."
The developer - who last week began prep work for the Frank Gehry-designed development featuring an NBA arena and 16 skyscrapers - announced yesterday that he will also begin asbestos removal and abatement work on 12 other vacant buildings he controls in the project zone.
Those buildings will be demolished at a later date, he said.
No wonder the Post has a hot line to Ratner, because the paper can be relied upon to get the developer's message across. Today, the Post totally mangles the significance of the financial documents that were released and the implications of what figures weren't.
A Post analysis of the documents found that Ratner and smaller investors stand to make close to $700 million in profits by 2015 should the developer ever decide to sell the arena and residential and office space slated to be built.
NoLandGrab: Bruce Ratner isn't going to "decide to sell the arena and residential and office space." If you look at the financials, Ratner is practically printing money during the last three years projected. That's even before construction is completed. Bruce Ratner didn't release figures that go beyond 2015 because he's embarassed to say how much dough he's raking in at that point.
But sources familiar with Ratner's financing told The Post yesterday that he is taking a big risk - putting up $1.2 billion in equity - although he obviously believes that Atlantic Yards is a sound long-term investment.
Well, we sort of agree. Ratner is in this for the long term. He knows that his investments are sound, because when his Brooklyn projects don't meet performance expectations, the State and City find ways to accommodate the developer.
Rumors reported yesterday in the Sun explain that Ratner plans to move Brooklyn Tech to Metrotech. The largest tenant in Metrotech is the City of NY. Yes, it is possible that yet another city entity will be paying mo' money to Ratner. This boondoggle is supposed to be a concession to the community, according to the powers that be which approved Atlantic Yards. It's also more proof that Ratner projects never lose money, because he has low friends in high places.
Posted by lumi at March 2, 2007 7:16 AM