March 1, 2007
Atlantic Yards Financials: "Mysterious" and "Insufficient"
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.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.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."
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Was there any doubt that the nimbys and other anti-development people would cry about these reports?
Projections are projections, not promises so even if you had 20 year IRRs - if they weren't what the nimbots are looking to see they would cry.
I'm convinced Goldstein should start his own PR firm with all the professional hatchet job he and other "neighborhood" goons are doing.
Dear Bruce:
Your numbers don't add up and your buildings are fuckin' ugly.
Best,
Brooklyn
Are there any people who are undecided about this project? If I supported it, I would be disappointed that the developer is not more forthcoming with the numbers.
Why should we give Ratner our taxpayer dollars if we don't even know what the financial return will be? The Atlantic Yards projects suggest that Ratner might sell the Nets in a few years. If your goal is to bring the Nets to Brooklyn, shouldn't this bother you?
LEt it go folks !!!! The prick has the Mayor, Politicians,Gov., And the rich yuppies to backing him up . Sure you all can fight and quite possibly win . The bottom line here is as long as the judges aren't moving to block these types of projects they will continue . I hate what's happening in Fort Greene, Clinton Hill, and Prospect Heights . You can't walk down the street without seeing something that's just out of place !(Example; A restaurant on every freakin corner),(I'm sorry, Dekalb Avenue is not and will never be a street in Soho, Nor will the neighborhood resemble any likeness to Soho, Noho, or the Village ! )