Last October 9, Forest City Enterprises (FCE) held an Investor Day meeting at the New York Times Tower, built by subsidiary Forest City Ratner (FCR) in tandem with the New York Times Company. The developer shared several important pieces of news about the Atlantic Yards project that have not been aired publicly.
Among the highlights, thanks to the transcript:
The developer has invested $250 million in the $4 billion project, its largest single investment, but that's only 25% more than its developer fee, and less than the direct public investment of $305 million
Translation: The taxpayers of NYC are ponying up a lot more to get this thing done than the developer is.
In the Gotham Gazette, Councilman David Yassky said the following:
Of course, the single biggest example of corporate welfare is the proposed Atlantic Yards development. The Bloomberg administration has agreed to give the project's developer at least $100 million in direct subsidies, plus another $400 million to $500 million in tax breaks. In the current financial climate, this handout is impossible to justify.
Photo from Streetsblog