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May 15, 2009
Goldstein et al v. New York State Urban Development Corporation in the news
NY Observer, Court Rebuffs Atlantic Yards Opponents as Legal Options Narrow
Developer Bruce Ratner has won another victory in his undying attempt to bring the Nets to Brooklyn as part of the $4 billion mixed-use project, Atlantic Yards. In a decision posted online on Friday, landowners and tenants were rebuffed by the state appellate court in a case that contested the use of eminent domain for the project (the case was against New York State, not Mr. Ratner himself).
...Of course, at this point a court victory for Mr. Ratner’s Forest City Ratner is nothing surprising, as it has defeated numerous legal challenges contested in both federal and state court, which have been appealed repeatedly. But more than anything else, the decision amplifies the ticking clock for critics and opponents, as Forest City needs to complete the deal with the state for the project by the end of the year in order to qualify for tax-exempt financing on the Nets arena (without the tax-free financing, its cost would rise substantially, further placing into doubt the project's viability).
BrooklynPaper.com, Nothing but net: Ratner wins a big one!
Atlantic Yards developer Bruce Ratner won an important court victory against nine property owners inside the project’s footprint who had argued that the state Constitution bars the use of eminent domain for any development that includes luxury housing.
Ratner reveled in today’s unanimous decision by the Appellate Division of the Supreme Court, saying it would allow construction on the long-awaited basketball arena to begin later this year.
NoLandGrab: Bruce's bosses out in Cleveland earlier this week announced they don't "anticipate commencing any new vertical development in the near term," and we don't think they expected to lose this court decision.
Crain's NY Business, Atlantic Yards wins key legal victory
In the decision, the court ruled that the developer’s private benefit from the construction of Atlantic Yards does not outweigh the overall public benefit. Forest City said it is the 23rd ruling in its favor regarding the massive project which includes the Nets sports arena and residential buildings.
NLG: Notice they're no longer using the word "consecutive" after "23rd," given the setback the Appellate Division dealt them earlier this week in a suit over Henry Weinstein's Prospect Heights property.
“We’re thrilled with today’s decision,” said Forest City Chief Executive Bruce Ratner, in a statement, adding that he is confident that the $4 billion project would break ground this year. “This significant victory keeps Atlantic Yards moving forward. We are ready to get started.”
NLG: Oh, are they, now.
According to Mr. Ratner the arena and larger development are expected to create 16,924 direct jobs and over 30,000 indirect jobs. The tax revenues that will be generated for the City and State during the construction period are expected to exceed $240 million and after construction reach approximately $70 million a year.
NLG: Either Crain's misheard Mr. Ratner, or Mr. Ratner's figures are suffering from hyperinflation.
Runnin' Scared, Atlantic Yards Resists Court Challenge; More to Come
Curbed, Atlantic Yards Master of its Domain
Nets Daily, Atlantic Yards Wins Big Victory in State Court
Posted by eric at May 15, 2009 4:47 PM