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June 22, 2010

Ratner, in Times Sports section portrait, admits, “when a developer speaks it’s not always believed”

Atlantic Yards Report

A one-source New York Times Sports section portrait of Bruce Ratner, headlined Ratner Content to Succeed in the Shadows, offers the message that Ratner still can make a bunch of money from Atlantic Yards:

As the owner of 55 percent of the planned arena, Ratner will have a sizable stake in what could become a fascinating battlefront — downtown Brooklyn against Midtown Manhattan, or the Barclays Center versus Madison Square Garden.
...

Norman Oder lists some reasons why, in Ratner's words, "when a developer speaks it’s not always believed.”

Maybe there's good reason for that. The chairpersons of three community boards criticized Forest City Ratner for "overstating" the CBs participation in "crafting" the Community Benefits Agreement.

Forest City Ratner told prospective renters that half the affordable units--rather than half the square footage--would be two-bedroom and three-bedroom units.

Or the $6 billion lie.

Or the no-towers brochure.

The list could go on.

Civic venture?

The article continues:

Ratner conceded that he would continue to be assailed as a franchise snatcher and team destroyer, all for the sole purpose of constructing a small city of residential towers, while insisting that bringing a major professional sports team back to Brooklyn was always his first priority. The residential component, he said, was necessary to finance an arena on a railyards site that was going to require extraordinary infrastructure costs the city would not incur.

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NoLandGrab: "Bringing a major professional sports team back to Brooklyn was always his first priority?" That's funny, because his flunky in charge of Atlantic Yards told attendees at last week's Brooklyn Real Estate Summit that "Atlantic Yards is primarily a housing initiative with an arena attached." But like Bruce says, "when a developer speaks it’s not always believed."

Related coverage...

Develop Don't Destroy Brooklyn, Bruce Ratner: “when a developer speaks it’s not always believed."

Really? Bringing pro sports back to Brooklyn was always the first priority? Creating investor and shareholder value by gaining cheap ownership to prime real estate wasn't the first priority? Or, wasn't it affordable housing? It is difficult to know what to believe when this developer in particular opens his mouth.

Posted by eric at June 22, 2010 10:25 AM