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November 6, 2008

FCR confirms planned increase in AY office space, decrease in condos

Atlantic Yards Report

Norman Oder examines the announcement of increased office space at Atlantic Yards, explains the history, analyzes the implications and busts the NY Times for another failure to disclose the media company's business relationship with developer Forest City Ratner.

We have further confirmation Forest City Ratner plans more Atlantic Yards office space than previously announced, 1 million sf rather than 336,000 sf, an apparent recognition that the condo market is in trouble and a hope, based some mixed evidence, that the office market will pick up.

Also, if the pattern regarding office space in Downtown Brooklyn extends to Atlantic Yards, most of the jobs would be firms relocating from Manhattan to Brooklyn; thus the jobs wouldn't be new.

The New York Times, in an article yesterday headlined Office Tenants Flee Manhattan Rents for Brooklyn, reported enthusiastically on the office market in Brooklyn, focusing on Forest City Ratner (and failed to mention that FCR is the partner of the parent New York Times Company in the new Times Tower).

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Posted by lumi at November 6, 2008 5:44 AM