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March 9, 2010
Rev. Flake, rapper Jay-Z exit sinking Aqueduct bid
Withdrawals come amid ongoing federal and state investigations into how AEG was picked to develop huge racino in Queens.
Crain's NY Business
by Amanda Fung
Jay-Z is pulling out of a crooked real estate deal — but it's not Atlantic Yards.
After weeks of controversy and federal and state investigations involving Gov. David Paterson's selection of Aqueduct Entertainment Group to develop the Aqueduct racino, Rev. Floyd Flake and rapper Jay-Z both withdrew themselves from the project Tuesday afternoon. The defections come at a time when the deal was already foundering, and sources say that it is now coming apart quickly and could be canceled by the governor within days.
...Jay-Z, who also withdrew his participation in the group Tuesday, according to sources, had a small stake amounting to 2% in AEG through an entity called Gain Global Investments Network.
NoLandGrab: As Norman Oder pointed out last week, Atlantic Yards makes the Aqueduct Racino deal look squeaky-clean. When can we expect the federal and state investigations?
Posted by eric at March 9, 2010 4:55 PM