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April 22, 2010

$3 million vs. $131 million and 25 years

Atlantic Yards Report

It is dismaying but unsurprising that the news coverage about Daniel Goldstein's settlement to vacate the apartment he and his family occupies focuses mainly on the $3 million payment by Forest City Ratner (worth considerably less to him), but does not mention the $131 million that city taxpayers have contributed to pay for nearly half the property the developer has purchased or the Development Agreement that sets a 25-year deadline for the project, rather than the ten years promised by the developer and the state.

Yes, the surprising settlement is news, and worthy of debate. But so is the larger context.

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Posted by eric at April 22, 2010 10:54 AM