Monday, June 18, 2007

EDC criticizes Coney developer's demand for "huge" $100M+ subsidy

A New York Times article today headlined Coney Island Plan Is Scaled Back, but Critics Are Skeptical discusses developer Joe Sitt's revised proposal, with criticism from Robert Lieber, president of the New York City Economic Development Corporation (EDC).

The Times reports:
“He came in last week and presented a plan that had essentially the same density, but dressed it up with hotels and time shares,” Mr. Lieber said on Friday. “The building heights still exceed the 271-foot Parachute Jump,” a Coney Island landmark. “And he’s looking for a huge subsidy from the city. North of $100 million.”
(Emphasis added)

Would make the $205 million city subsidy for Atlantic Yards "more than huge"?

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