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October 14, 2011

The Mysterious Property Values of Atlantic Yards

NY Observer
by Matt Chaban

Like all NIMBY battles, the fight against Atlantic Yards ultimately comes down to a matter of property values. One of the justifications for the project was that this corner of Brooklyn was blighted. The neighbors already living there certainly took issue with such characterizations—hello, Dan Goldstein!—but now the Post takes a close look at exactly how the new arena and still-born apartments are affecting property values.

Since the fight against Atlantic Yards was principally about eminent domain abuse, cronyism and misuse of subsidies, we guess that means it was a fight about principle rather than a NIMBY battle.

Still, there are stories of real estate speculators, as well, trying to buy up swathes of apartments, counting on a rising tide. Norman Oder points out that prices are still desperately below those Forest City Ratner’s numbers crunchers predicted when they boosted for the project, so the de-blighting has yet to take place. Still, crowds may be nasty, but they’re less noisy than an open construction site.

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Posted by eric at October 14, 2011 9:31 AM