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Atlantic Yards Financials: "Mysterious" and "Insufficient"
By
Jen Chung
Published Mar 1, 2007
Modified Mar 7, 2008
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By
Jen Chung
Published Mar 1, 2007
Modified Mar 7, 2008
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The Atlantic Yards Report's Norman Oder weighs in on the financial documents on the Atlantic Yards project. Developer Forest City Ratner only released three pages after Freedom of Information Act requests.
Oder sent the docs to an affordable housing expert, David A. Smith, who was unimpressed and said, "They make one hungry for more detail, without which it is impossible to have a properly informed opinion." Oder also notes there are "unexplained gaps" in the documents, like "there’s no cost and value assigned to the retail space developed."
One of our commenters wrote:
"A 10 year projection for a $4B capital project? Sure would be nice to see the 20, 30 and 40 year projections - the IRR probably goes through the roof beyond year 10.
It's impossible to tell looking at the cash flows for the first 10 years how profitable this project will be. What would be meaningful is seeing the rate of return once the construction outlays are complete."
Stall tactics galore! Other critics of the project want more financial documents to be released; Assemblyman James Brennan filed a lawsuit "seeking full disclosure." All this as the community starts to feel the effects of construction without any answers when, say, the water is shut off.
Tagged
affordable housing
Atlantic Yards
Atlantic Yards Report
city
commenters
construction
david
David A
forest city
Forest City Ratner
housing
Information Act
lawsuit
Norman Oder
real estate
The Atlantic Yards Report
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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