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April 5, 2011

As media pile on to Post's questionable scoop, Bloomberg defends Ratner; get ready for request for additional subsidies

Atlantic Yards Report

The New York Post's questionable, conclusory article yesterday, based on SEC worst-case warnings, drew unskeptical follow-up in Gothamist, New York, Business Insider, Huffington Post, and others.

Even the Star-Ledger, in Nets' Brooklyn project reportedly could be scaled back, chose to trust the Post's framing of the story rather than the facts its reporters noted.
...

Bloomberg professes optimism

In Mike believes Atl. Yards hoopla, the Post followed up:

A confident Mayor Bloomberg insisted yesterday that the housing and commercial component of the $4.9 billion Atlantic Yards complex won't be scrapped, saying he was certain that developer Bruce Ratner is proceeding as planned.

"I talked to Bruce Ratner as late as 30 minutes ago, and let me tell you, he thinks his business is going very well out there and he's very optimistic about Atlantic Yards," Bloomberg said.

Except Ratner's business isn't going very well; that's why he sold 49% of 15 retail properties.

Nor is the project proceeding as planned; after all, Bloomberg's own administration--at least under the recently-departed HPD head--denied additional subsidies for the first tower.

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Posted by eric at April 5, 2011 4:32 PM