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February 26, 2008

Forest City to investors: more AY office space, slowed railyard, less upfront cash than city & state

Surf on over to Atlantic Yards Report for another Norman Oder must-read.

Norman Oder ponied up the 54 bucks to learn what Forest City Ratner told investors about Atlantic Yards last October. Oder found a few informational discrepancies (read, either the developer is misleading investors or lied to us) and aired some additional info that hasn't been released to the public.

Among the highlights, thanks to the transcript (for sale):

  • The developer has apparently signed funding agreements with the city and state, despite reports that it has not done so
  • It would take 4½-5 years to build a new railyard, not 3½ years, as promised in the Atlantic Yards environmental review
  • The size of the project may have been reduced
  • The flagship Miss Brooklyn tower has apparently been trimmed, and would have more office space
  • The number of planned arena suites has been reduced from 170 to 130
  • Additional arena sponsorships were supposed to be announced in January, but that didn’t come to pass
  • The developer has invested $250 million in the $4 billion project, its largest single investment, but that's only 25% more than its developer fee, and less than the direct public investment of $305 million
  • The residential project at 80 DeKalb is a test run for Atlantic Yards.

NLG Lesson of the Day: Ratner makes stuff up so we don't have to.

Posted by lumi at February 26, 2008 5:32 AM