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June 21, 2010
What Do BP, New York Multifamily & Atlantic Yards Have In Common?
MultiFamilyInvestor
MultiFamilyInvestor weaves together BP's corner-cutting and the absence of proper government oversight, a crooked real estate deal involving the Rev. Floyd Flake, and Atlantic Yards.
What does this remind us of?
Atlantic Yards.
Forest City Ratner got to purchase the MTA-owned property for $100 million (and he only put $20 million down). No other developer or organization had an opportunity to bid on the space, even though MTA’s bylaws required it.
The Flake quartet may operate the Jamaica apartment complex flawlessly. Forest City Ratner may construct a complex that improves downtown Brooklyn. But they both had an unfair advantage to get to that point.
They didn’t jump the line.
There was no line.
BP was supposed to have regulatory lines in the sand that it was not supposed to cross.
Posted by eric at June 21, 2010 10:33 AM