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July 13, 2007

50% profit for Ratner? Not so fast

Atlantic Yards Report

The "Mad O" oderizes this week's article in The Brooklyn Paper about City Councilman David Yassky's claim that "Bruce Ratner will reap a whopping 50-percent profit on his Atlantic Yards investment."

Oder explains:

Actually, we still don't know how much profit Forest City Ratner would make because the developer hasn't revealed how much money it will put up. We do know, according to the New York Times, that Forest City expects a 5 percent development fee on the value of the entire $4 billion project, which would mean a $200 million return.

So maybe Forest City would make 50 percent--or not. More details, and public analysis, would be helpful.

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NoLandGrab: Readers of Atlantic Yards Report sometimes struggle to keep up with Norman Oder (i.e. NoLandGrab.org), but politicians hoping to avoid rookie errors need to pay more attention.

Posted by lumi at July 13, 2007 11:17 AM