In a recent filing, Forest City Ratner reported that it will lose $250-$350 million of its initial investment in the Atlantic Yards project. Higher-than-expected costs to build affordable housing, among other things, are being blamed for the loss.
The massive Atlantic Yards project in Brooklyn was one of the most contentious land use deals assembled in New York in recent memory. A complex series of public incentives and developer agreements were necessary to achieve the project's final approval in 2009.
But Stephen J. Smith makes the provocative argument that the developer's recent disclosure of significant loses, which comes as a result of its efforts to sell a sizable stake in the project to Chinese developer Greenland Group, proves that the public's demands were excessive.
"The loss is poetic justice for a developer who many saw as using his political savvy to take advantage of New York, but it should give pause to affordable housing advocates and those who want to see new construction fund infrastructure projects," writes Smith.
"Turns out it’s possible to ask developers for too much. New York may have inadvertently pulled one over on Ratner to get hundreds of millions in extra benefits, but developers in the future won’t make the same mistake."
FULL STORY: How Atlantic Yards Set the Benchmark for Asking Too Much
Vacancies Come in All Forms, Even New Affordable Apartments in Brooklyn
A 298-unit, 18-story tower in Pacific Park Brooklyn opened its doors to new renters in various categories of affordability over five months ago. 27% remain empty in the higher income tiers, and unlike market-rate units, the asking rent won't drop.
Groundbreaking for Controversial 'Atlantic Yards' Development
The development formerly known as Atlantic Yards—now called Pacific Park—broke ground this week, finally setting in motion a massive development beset by fierce controversy in the 11 years since it was first proposed.
World's Tallest "Lego" Tower to Rise in Brooklyn
An agreement between Forest City Ratner and NYC's labor unions has cleared the way for the construction of Atlantic Yards's next phase. The 32-story prefabricated apartment building will be the tallest of its kind in the world, reports Matt Chaban.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
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Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
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