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May 20, 2008


Though a Forest City September 2005 earnings conference call hardly seems like breaking news, Norman Oder reported yesterday that Forest City Enterprises CEO Charles Ratner told investors that they had been eyeing the Atlantic Yards project.

Chuck Ratner, CEO of FCE, said:

I will confess that it was less than two or three years ago we were sitting around in New York wondering where the next deals were going to come from. We had finished a whole bunch of office and we completed MetroTech and we didn't have the next great site in Brooklyn. That was one of the reasons we got so aggressive and creative, Bruce and his team did in this Atlantic Yards project. We saw that land sitting there for this last 10 years, realizing it would be a great opportunity if somebody could turn it on. We hope we've found a way to do that.

What's news about that, other than that it totally contradicts the delusion that Atlantic Yards started with a phone call from Borough President Marty Markowitz to Bruce Ratner?

This nugget is part of the mounting evidence that Atlantic Yards is a developer-driven project with only one developer in mind, Forest City. It also buttresses the claim by property owners who have held out against Ratner and NY State that any public benefits are incidental, perhaps even illusory.

Posted by lumi at May 20, 2008 4:51 AM