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March 5, 2007

Three Pages of Financials Released On Atlantic Yards ‘Not Enough’

Brooklyn Daily Eagle
By Sarah Ryley

The state agency overseeing the Atlantic Yards arena and high-rise project released a three-page financial projection of the profit developer Bruce Ratner would make off the heavily subsidized, $4 billion development.

“A handful of three faxed pages of a chart or two is insignificant. And we’re not interested in drips and drabs,” said Assemblyman James Brennan, D-Park Slope, who filed a lawsuit Monday with state Sen. Velmanette Montgomery, D-Fort Greene, to force the release of the documents.

The long-awaited Empire State Development Corporation (ESDC) financial analysis, provided by developer Forest City Ratner Companies, projects $571 million in “total investment cash flows” by the year 2015.

The estimate includes the real estate project cash flows, and the team and arena investment cash flows, but has some conspicuous omissions such as the profits from the planned 180-room hotel that would be housed in the project’s centerpiece building, “Miss Brooklyn.”

A representative for the ESDC declined to comment any further on the figures, and a representative for the developer did not return calls by press time.

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Posted by lumi at March 5, 2007 9:15 AM