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About DDDB
Our coalition consists of 21 community organizations and there are 51 community organizations formally aligned in opposition to the Ratner plan.

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"Why should people get to see plans? This isn't a public project."
Bruce Ratner in Crain's Nov. 8, 2009

It's a Fragile Situation...

The Wall Street Journal has a revealing interview with Forest City Ratner's newly promoted president, Joanne Minieri.

Note her barely concealed panic about the credit markets. And note her inability to speak honestly about the company being behind its own planned schedule--FCR's schedule called for the entire arena block to be demolished and leveled (or "cleared" as the euphemism goes) by July, that's last July. As of today a small percentage of the arena block has been "cleared" while the rest is still an active rail yard, city streets and private homes/businesses. (The Atlantic Yards Report's Norman Oder has written extensively on the company's unwillingness to admit that they are delayed and that their arena cannot possibly open for the 2009 season. He has covered that fudging most clearly here, here, here and here.)

The whole interview also validates Assemblyman Jim Brennan's (and many others') expressed concerns that much of, if not all of, the project's "affordable" housing will never be built.

It all amounts to a fragile financial situation for Forest City.

From the Wall Street Journal:
Forest City's Minieri Gets Tested in New York
Brooklynite Executive Steers Big Atlantic-Yards Project Amid Tough Credit Market
By Alex Frangos

Real-estate developer Forest City Enterprises, best known for large-scale, mixed-use developments around the country, recently promoted Joanne Minieri to president of its New York division from chief operating officer, making her one of the highest-profile women in real-estate development.

She will report to Bruce Ratner, chief executive of Forest City Ratner Cos., Forest City's New York branch. Ms. Minieri, 47 years old, a Brooklyn native, talks about her career, credit markets, and the ambitious -- and controversial -- set of projects she's now in position to lead into fruition.
...

WSJ: Given your financial background, does the stress in the credit markets keep you up at night?

Ms. Minieri: The availability of capital to do these terrific developments and stimulate the economy concerns me. As terrific as doing development is, when you create jobs that stimulate the economy, create neighborhoods, you need to keep the asset a feasible investment for all our customers, including our shareholders. Liquidity and the availability of funds is always something I try not to lose too much sleep over, but it can keep me up at night. Value creation is impacted tremendously when you have to pay more for financing proceeds.

WSJ: What effect do the current credit markets and housing softness have on projects such as Atlantic Yards in Brooklyn [a development that will include 16 skyscrapers with 6,400 housing units, offices and shopping as well as a new arena for the New Jersey Nets basketball team]?

Ms. Minieri: We will probably encounter a couple of different market cycles as we move through that development. We think it's a tremendous opportunity to help the economy to revitalize the neighborhood -- all the things we like to do in our development projects. We are on the site now, doing some work. We are waiting for the conclusion on some of the litigation. We are proceeding according to plan.

"Revitalize the neighborhood," huh? Proceeding "according to plan," huh?

Norman Oder comments on this over at his Atlantic Yards Report:

...Atlantic Yards is hardly the savior of a "blighted" neighborhood. An open bidding process for the Metropolitan Transportation Authority's Vanderbilt Yard would have ushered in development over the working railyard that separates neighborhoods.

Market-rate development has been proceeding apace; a rezoning could have unlocked new development possibilities and required affordable housing. Instead, we get a state override of zoning--essentially a private rezoning.

Also, while the developer may be working on preconstruction demolition and other site preparation, the project is about a year behind plans as announced in last year's environmental review, and several years behind plans as announced in 2003. (The arena was supposed to open in 2006!)...

WSJ: How does it feel to work on a major Brooklyn project such as Atlantic Yards?

Ms. Minieri: I can't tell you how it really feels to be a Brooklynite and to be part of a company that's done incredibly historic things ... It gives me the goose bumps.

...And some incredibly anti-historic things like demolishing the Ward Bakery Building and wiping out a mixed-used neighborhood. But it's true, the company has done some "historic things" like: pushing forward the biggest real estate boondoggle in Brooklyn's history, using Liberty Bonds to build a national chain mall in Downtown Brooklyn and trying to get them for the new NY Times tower, staking a claim as the biggest lobbyist spender in the real estate industry in 2006, and of course, the company's "modern blueprint" for fabricating public support.

It gives us goose bumps too.

WSJ: There are three lawsuits outstanding against Atlantic Yards, two concerning the use of eminent domain, and one challenging the environmental-impact statement. How much longer before the delay has an impact on the bottom line?

Ms. Minieri: We can't see the future and we don't know certain things. Obviously we expect the decisions soon. We anticipated the lawsuits and we are committed to moving forward.
...

WSJ: You meet periodically with your Forest City colleagues doing major projects around the country. What are you hearing about the health of the market nationwide?

Ms. Minieri: I think everyone is being very cautious. There's uncertainty in the markets. So we stay very focused on the markets and how they impact our business. I think everyone is sort of hearing the same thing -- kind of a wait and see.

WSJ: What's your impression of the health of the New York market?

Ms. Minieri: The New York market is a tough market. We've had some terrific years, I see it as beginning to normalize. Obviously we are very cautious because these are uncertain times. As you know we have some unemployment, job layoffs coming. It's a core market for our company. We are invested here and we'll continue to be a part of New York.

Full article



Posted: 10.24.07
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Eminent Domain Case
Goldstein et al v. ESDC
[All case files]

November 24, 2009
Court of Appeals
Ruling

[See ownership map]

EIS Lawsuit

DDDB et al v ESDC et al
Click for a summary of the lawsuit seeking to annul the review and approval the Atlantic Yards project.

Appeal briefs are here.

2/26/09
Appellate Divsion
Rules for ESDC
What would Atlantic Yards Look like?...
Photo Simulations
Before and After views from around the project footprint revealing the massive scale of the proposed luxury apartment and sports complex.

Click for
Screening Schedule
of
Isabel Hill's
"Atlantic Yards" documentary
Brooklyn Matters


Read a review
-----------------------
Atlantic Yards
would be
Instant
Gentrification
Click image to see why:


-No Land Grab.org

-Atlantic Yards Report
-Atlantic Yards Deathwatch
-The Footprint Gazette
-Brooklyn Matters
-Noticing New York
-NY Times "The Local" FG/CH
-Brooklyn Views
-Council of B'klyn N'hoods
-The Brooklyn Paper
-The Brooklyn Wire
-Atlantic Lots
-Who Walk in Brooklyn
-S. Oxford St. Block Assoc.
-City Limits City Blogs
-The Knickerblogger
-Anyplace, Brooklyn
-Bklyn Bridge Park Defense
-Bay Ridge Journal
-Clawback
-Picketing Henry Ford
-Castle Coalition Blog
-Dope on the Slope
-Gowanus Lounge
-Fans For Fair Play
-Views from the Bridge
-Old First Blog
-DailyHeights.com
-Brooklyn Footprints
-Freddys Bklyn Roundhouse
-Ctr for the Study of Bklyn
-Pardon Me for Asking
-Clinton Hill Blog
-Only The Blog Knows BK
-Brownstoner
-Sustainable Flatbush
-A Child Grows in Bklyn
-Williamsburg Warriors

-The Real Estate
-Rail Yards Blog (H. Yards)
-OnNYTurf-Atlantic Yards
-Manhattan User's Guide
-Naparstek
-Streets Blog
-Urban Place & Space
-New York Games
-Field of Schemes
-News 12 Brooklyn
-Queens Crap
-Dist.35 Comm'ity Gazette
-Save Our Parks (Bronx)
-Eminent Domain Watch
-NJ Eminent Domain Law
-PLANYC
-Big Cities Big Boxes
-www.DANDOCTOROFF.com
-Olympic Bloomdoggle
-TenantServices.com
-Tenant.net