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September 17, 2009

ESDC consultant: ten-year project timetable for housing "not unreasonable"

Atlantic Yards Report

Does the Empire State Development Corporation (ESDC), as it approved the Atlantic Yards project, have a rebuttal to the statement by real estate analyst Joshua Kahr, who, in a report commissioned by the Council of Brooklyn Neighborhoods, emphatically declared that "the project cannot be completed anywhere near 2019."

(That's backed up by further analyses and even a comment by then-ESDC CEO Marisa Lago, who in April said the project would take "decades.")

Well, sort of, but it wasn't exactly emphatic.

ESDC Senior Counsel Steven Matlin told the board this morning, "In addition, under separate cover, we’ve provided the directors with a confidential report prepared by KPMG with respect to the development model and the potential absorption of the residential component of the project during the development period. KPMG has concluded that it’s not unreasonable to assume that the housing units to be developed can be absorbed in the marketplace during the projected development period."

(Emphasis added)
...

Will the public get to see the KPMG report? (Remember, a previous KPMG report surfaced officially only in litigation.)

"The KPMG report was provided to the directors on a privileged and confidential basis," Matlin said. "Quite frankly we're looking at now whether we can release the document. We may have to redact a portion. There could be some proprietary information. So we haven't reached that decision, but we're going to look at it in the next few days."

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Posted by eric at September 17, 2009 2:55 PM