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June 16, 2010
Chuck Ratner Explains Who Atlantic Yards Benefits
Develop Don't Destroy Brooklyn
At yesterday's analyst conference call Forest City Enterprises CEO Chuck Ratner explained how Atlantic Yards is a public use, legitimizing eminent domain...oh, wait, no he didn't.
Norman Oder reports (and transcribes) the CEO's words, which actually explain what a sweetheart deal the whole scam is for the Ohio-based firm:
"But let me just share this reflection," [Charles Ratner} added. "Y’know, in the last three to five years, all that anybody ever saw at Atlantic Yards was risk and losses from the basketball team. Look where we are now. We’ve sold 80% of the team, which was a major drag on our earnings, to a well-capitalized owner who is committed to the business. As to the arena, we are investors in a great real estate asset and we are managing partners in a great real estate asset in a great market. We together with our partners own 55% of the arena and we are the managing partner. It is a real value proposition for Forest City."
That's not all anybody ever saw. What so many saw was one of the biggest land grabs in the city's development history. But at least it is a "real value proposition for Forest City."
Posted by eric at June 16, 2010 11:29 AM