December 5, 2011
Bloomberg pitches the city and Ratner's Nets, reacts un-positively to the Cuomo tax plan
Capital New York
by Dana Rubinstein
Mayor Michael Bloomberg was in his element this morning at the Hilton on Sixth Avenue and 53rd Street, where a ballroom full of real estate executives gave him a standing ovation.
That's pretty much all you need to know about New York City's real estate industry and New York City politics.
The occasion was the yearly convention of the International Council of Shopping Centers, a trade group representing the shopping mall industry. As it so happens, the ICSC is also, like the mayor, staunchly opposed to the "living wage" bill now under consideration in the City Council, and provided testimony against the legislation during a City Council hearing last month.
OK, maybe that's all you need to know about the real estate industry.
Atlantic Yards developer Bruce Ratner sat in the front row, in the center, and won plaudits for getting the mayor to attend.
And that is about all you need to know about the International Council of Shopping Centers convention.
[The mayor] made a pitch for Downtown Brooklyn, Willets Point, Homeport, Hudson Yards, and, of course, Atlantic Yards.
“Close to a quarter of a million square feet of new retail space is going up at the nearby Atlantic Yards development, Bruce Ratner’s development, and it’s also the future home of Brooklyn’s N.B.A. franchise, the largest private-sector project the borough has ever seen,” said Bloomberg.
He encouraged the crowd to buy Nets tickets while they still can.
"I bought mine," he said, eying Ratner. "Did you send me a bill yet?"
Norman Oder points out that "going up" is a relative term when it comes to the "nearby Atlantic Yards development."
Let's look at the plan for 247,000 square feet. Only 91,000, according to the Final Environmental Impact Statement, would be built in Phase 1, and we have no idea how long it will take to build all five towers. They have 12 years to build Phase 1 before penalties kick in, and the minimum square footage could be accomplished with three or four towers.
The rest would be built over the lifetime of the entire project, which could take 25 years before penalties kick in.
Posted by eric at December 5, 2011 9:34 PM