« Greg David of Crain's gets it very wrong: "New Yorkers, through their political process" decided "Atlantic Yards was in the best interest of the city" | Main | Despite FCR's announced demolition plans, building at 752 Pacific may become developer's construction headquarters »
April 26, 2010
The denunciation of the ESDC's condemnation push that was never resolved, but surely influenced the Goldstein settlement
Atlantic Yards Report
Why did Forest City Ratner settle with Daniel Goldstein last Wednesday for $3 million? The most obvious reasons were to save the alleged $6.7 million monthly cost of delay it alleged, and to pave the way for Russian billionaire Mikhail Prokhorov's purchase of the Nets, which was depending on vacant possession of the site.
Another reason--and a reason for Goldstein to settle--was that Kings County Supreme Court Justice Abraham Gerges pushed for a settlement. He didn't want to adjudicate the case, nor preside over an eviction that could easily have become a media event.
Given the Empire State Developmeny Corporation's initial and ridiculous lowball appraisal of his apartment, Goldstein had to calculate his vulnerability to pursuing the case and getting a check that was worth far less than a replacement apartment.
That said, it would have been of significant interest had the case continued, because, at least according to a response from Goldstein's attorney, the ESDC was way out of line.
Click through to learn why.
Posted by eric at April 26, 2010 10:36 AM