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June 9, 2009

AYR twofer

Here are two quickies from Atlantic Yards Report:

What should $20 million buy? What can Forest City afford?

On one hand, Atlantic Yards developer Forest City Ratner is trying renegotiate a deal with the Metropolitan Transportation Authority (MTA), hoping to only cough up $20 million up front for the arena portion of the railyard, instead of the entire $100 million. On the other hand, the parent company wants investors to know that the company is on better financial footing.

NoLandGrab: So can't the company afford the $100 million, or is this another bait and switch?

So, when did the ESDC conclude that AY wouldn't take ten years? A debate in court

Yesterday, attorney George Locker tried unsuccesfully to get a judge to add a recent statement from an Empire State Development Corporation executive to the record in hopes of reopening a case from last year:

Was it only in April, when ESDC CEO Marisa Lago publicly predicted [Atlantic Yards] would take "decades"? Or was it earlier?

That distinction was at the heart of a 20-minute argument in state Supreme Court yesterday, during which attorney George Locker, who represents eight rent-stabilized tenants in two buildings within the Atlantic Yards footprint, [updated/corrected 7:20 am] unsuccessfully tried to vacate the decision that rejected his request that the ESDC hold a new hearing to re-approve the project.

After the hearing, however, Locker was nonplused. Given that the ESDC is expected to issue a revision of GPP on June 24, a new public hearing would in fact be held, thus mooting his appeal.

Posted by lumi at June 9, 2009 6:15 AM