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December 19, 2008
It Came from the Blogosphere...
Brownstoner, The Madoff Mess and Real Estate
One developer apparently not affected by the Ponzi scheme is Bruce Ratner; not sure if you guys will think that's good news or bad.
NoLandGrab: Given the fact that the Atlantic Yards project has already taken in hundreds of millions in public subsidies, and that Forest City Ratner has torn down half of the Carlton Avenue bridge, not to mention half the neighborhood, and that they've stopped all work, and that they're trying to renegotiate their payments to the MTA and to Gramercy Capital, and they're trying to accelerate payments from NYC and grab even more taxpayer money — they're kind of running their own Ponzi scheme, aren't they?
Draft Express, Nenad Krstic to Oklahoma City?
It’s important to note that Krstic is currently a restricted free agent, with his NBA rights still held by the New Jersey Nets. With the Nets having 15 guaranteed contracts on their roster, and a deep frontline (with seven players who are either power forwards or centers), it’s expected that they will not match Oklahoma City’s offer sheet. The team is trying to maintain as much cap space as possible for the summer of 2010, and the third year on Krstic’s deal would hinder them in that regard.
The team is in a big financial crunch, as shares of Nets owner Bruce Ratner’s company, Forest City Enterprises, have fallen 92% in a year and a half, from $70 to just under 6$, and the team has laid off employees (even in the front office) as recently as last week. Forest City reported losses of 30 million dollars on the Nets over the first nine months of 2008. A number of articles released recently again put in question the feasibility of the Atlantic Yards project, which would move the Nets to Brooklyn in 2011.
Joshing Politics, ESDC Claims Eminent Domain To Help Expand Columbia University
Robert Moses may be dead, but his legacy lives on here in New York City. Eminent domain has been increasingly and severely abused by local and state governments to help their favored private interests gain certain properties. We've seen it in the failed attempt to build Atlantic Yards and in Uptown Manhattan. While Bruce Ratner and Frank Gehry's hopes of the reshaping Brooklyn go down the tubes, the battle to expand Columbia University into Manhattanville is raging.
Posted by eric at December 19, 2008 1:42 PM