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September 25, 2009
Russian to the rescue: Moscow mogul may be savior of vital Atlantic Yards project
NY Daily News, Editorial
Here's a shocker — the Daily News's editorial board loves Russian dressing. More Soviet-style blather from Atlantic Yards' biggest fans.
With unemployment over 10%, Wall Street struggling for footing and the real estate industry in the tank, breaking ground on both a Nets arena and 1,000-plus units of housing would be a major economic boost.
Prokhorov started out in the free markets selling blue jeans and is reported to have done fabulously in nickel ore in the Russian north. Assuming he passes muster among the NBA owners - and pray that he does - his money muscle should more than put to rest doubts about the financial viability of Atlantic Yards.
Which isn't to say the project is out of the woods.
Despite the enormous benefits of the development's $4 billion master plan - including 6,400 units of affordable, middle-income and market-rate housing - a tiny but determinedly litigious opposition has used the courts to hamstring Ratner.
He has a last legal fight to win. The opponents have asked the state's highest court to radically and unwisely overhaul New York's law of eminent domain for the sole purpose of stopping Ratner. The court must respond: Nyet way, nyet how.
NoLandGrab: "Tiny" opposition? We hardly think that "controversial" and "Atlantic Yards" would so rarely appear without each other in public if opposition to the project wasn't so widespread.
Posted by eric at September 25, 2009 9:49 AM