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December 18, 2008

Atlantic Yards Report: Thursday Morning Wrap

The posts are coming fast and furiously from Norman Oder today.

MTA: $1 billion refers to capital plan, not Atlantic Yards

No, the Metropolitan Transportation Authority does not expect $1 billion from Atlantic Yards, as reported erroneously by Reuters yesterday. As announced umpteen times, the authority would be paid $100 million cash for the Vanderbilt Yard.

MTA spokesman Jeremy Soffin says that the reporter wasn't at the MTA meeting at issue. The MTA's 2005-2009 capital plan assumes $1 billion in asset sales, he says, "which obviously includes Hudson Yards, not just AY." Thus the reporter erred in attributing the $1 billion to one project.

Was Izod Center 62.8% full last night?

Announced attendance Wednesday of 12,542 for the basketball game between the New Jersey Nets and the Utah Jazz meant the Izod Center was 62.8% full (capacity 19,968).

I've suggested a 25% fudge factor.

This first-quarter photo and this third-quarter photo suggest more empty seats, but the view of the arena is quite limited, so it's hard to judge.

Hedge fund head says she's short on Forest City, which has a lot of debt coming due in 2009

In Trading the Real Estate Bounce on CNBC's Closing Bell yesterday, it's worth watching the segment to hear all the comments from Karen Finerman of Metropolitan Capital (a hedge fund) about Forest City Enterprises.

Posted by eric at December 18, 2008 10:58 AM