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December 27, 2010

Exclusive: New audio of arena project presentation shows NYCRC principals making same deceptive claims they admit their Asian affiliates should avoid

Atlantic Yards Report

On this citywide snow day, can you guess which blog is still open for business? Yup.

It's stunning how George Olsen, managing principal of the New York City Regional Center (NYCRC), could profess to be shocked, shocked that the firm's affiliates in Asia are deceptively marketing green cards in exchange for investments in Atlantic Yards.

As Reuters reported last week:

At a recent seminar in Seoul, an agent for the Kookmin Migration Consulting Co., working on behalf of the New York City Regional Center, told would-be investors if they invested in the company's latest project their permanent green cards were "guaranteed." He also implied the investors would be financing the construction of the new home for the New Jersey Nets NBA basketball team.

In a subsequent interview with Reuters, George Olsen, managing principal of the New York City Regional Center acknowledged the claims were "not accurate" - the investors will finance the rebuilding of a rail yard and some related infrastructure near the new basketball court -- and promised he would jump on Kookmin "with two feet."

"But that's what's frustrating," Olsen said. "You can't be at every seminar, you can't be at every meeting, you can't be in the room when one of these people is talking. To raise $100 million, you have to get 200 investors. That's a lot of people. So there's a certain amount of mass marketing that has to go on.

Nah. As I pointed out December 23, those same claims were made by Olsen's own point man in China, Gregg D. Hayden.

And those same claims were made in the official project video as presented to investors in China, the audio of which I reproduce below, with annotations.

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NoLandGrab: Why is it that no one involved officially in promoting the Atlantic Yards project ever tells the truth about it?

Posted by eric at December 27, 2010 9:45 AM