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April 23, 2008

Behind 80 DeKalb, FCR's test run for AY marketing (and, probably, housing bonds)

Atlantic Yards Report

Norman Oder takes an in-depth look at Forest City Ratner's 80 DeKalb project for clues about the company's chances of securing scarce tax-exempt bonds for Atlantic Yards.

Forest City Ratner's plan for a 365-unit rental apartment building at 80 DeKalb Avenue, a new tower at the edge of Fort Greene and Downtown Brooklyn, offers some obvious and not so obvious parallels regarding the housing planned for the Atlantic Yards project.

The marketing of residential real estate--a first for FCR in Brooklyn and one of only three such company projects in the city--presents the obvious parallel.

The less obvious parallel: the developer's success in gaining scarce tax-exempt bonds from the state housing finance agency--in an application that earned praise from the agency's head--shows that FCR may be well-positioned to compete for similar bonds from the city housing finance agency to build AY.

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Posted by eric at April 23, 2008 9:12 AM