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July 23, 2008
What's Made Brooklyn Famous (Has Made a Loser Out of Me)
Reason Online
by Damon W. Root
The libertarian blog picks up on The Times's recent coverage of Brooklyn Brewery's real estate woes.
Sunday's New York Times brought word of the latest twist in the saga of New York's Brooklyn Brewery and its president Steve Hindy, purveyors of various fine beers, including the great Black Chocolate Stout. Back in 1996, Hindy and partner Tom Potter set up shop at a former matzo ball factory in the Williamsburg section of Brooklyn, then a mostly rundown industrial neighborhood but today a thriving hipster paradise, replete with bars, gourmet shops, and luxury condos. The only problem is that now the brewery can't afford to stay. So Hindy looked to city officials for help.
...There's a cautionary tale or two here about getting in bed with city officials and their shady real estate allies, but the worst of it has been Hindy’s support for controversial developer and New Jersey Nets owner Bruce Ratner, the driving force behind the atrocious Atlantic Yards project, a massive boondoggle that, if realized, will produce a taxpayer-subsidized basketball arena for Ratner’s Nets along with various office buildings and luxury complexes that will displace more than 40 business owners and tenants via eminent domain and other measures.
Still, what do you expect from the wolf's lair of New York's corrupt and massively regulated real estate market? As Hindy admitted to the New York Observer last year, "Things like the development at Coney Island and things like Atlantic Yards—that’s what we have to work with, and we have to make the best of it.”
Posted by eric at July 23, 2008 9:21 AM