Wednesday, December 20, 2006

Condo cuts were in the cards since October

Last month I wrote how most of the cuts in the size of the Atlantic Yards project announced in March and September were actually in a plan presented to the Department of City Planning back in January.

Now, it seems that the latest cut, apparently reducing the size of the Miss Brooklyn tower and cutting 322 market-rate condominiums, was likely in the cards since October. The KPMG memo dated December 19 is based on a “model date” of October 1. As of that “model date,” the developer was planning only 1608 condominiums, not 1930 units as announced to the public later in October.

(Update and correction 7/23/07: Apparently the document just left out a building.)

That 1930 figure is also consistent with the square footage as announced by the Empire State Development Corporation in the Final Environmental Impact Statement released in November and the General Project Plan released December 8.

It's possible that reduction of 322 market-rate condos includes the conversion of some of that space to the 200 on-site affordable co-ops apparently part of the final Atlantic Yards deal.

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