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December 8, 2010

Pitching potential EB-5 investors, Markowitz shills on video ("BK is 1000% behind AY"); ESDC's Davidson stretches jobs claim; Bloomberg misleads

Part 4 of a series

Atlantic Yards Report

The New York City Regional Center's (NYCRC) misleading effort, in partnership with developer Forest City Ratner, to market the "Brooklyn Arena and Infrastructure Project" to Chinese investors seeking green cards, relies significantly on statements from public officials aimed at bolstering investor confidence.

Thus, Brooklyn Borough President Marty Markowitz, Empire State Development Corporation President Peter Davidson, and New York City Mayor Mike Bloomberg, on video and in person, have promoted the project to potential investors in misleading and even ridiculously dishonest ways.

The statements, which praise the overall Atlantic Yards project rather than the Brooklyn Arena and Infrastructure Project at hand, may distract potential investors from due diligence, despite reasons to question the job creation claims and the solidity of the investment.

Thus, the three officials help convince potential investors to commit their $500,000 to the project, benefiting Forest City Ratner and the New York City Regional Center but not necessarily the public: the loan process could delay the Atlantic Yards arena block another seven years and otherwise reduce public benefits.

Misleading the audience

Markowitz claimed that Brooklyn is "1000 percent" behind Atlantic Yards.

No way.

Davidson asserted that Atlantic Yards "will be the largest job-creating project in New York City in the last 20 years.”

Unbelievable.

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NoLandGrab: Hey, that's only fair — why should Chinese investors get the truth when we've been getting lie after lie for the past seven years?

Posted by eric at December 8, 2010 11:12 AM