Tuesday, January 26, 2010

A round-up of news generated by the master closing documents

The voluminous documents that were part of the Atlantic Yards master closing, first made available yesterday by the Empire State Development Corporation (ESDC) generated several pieces of news last night, detailed below.

The bigger news is coming shortly.

"All-affordable buildings" with no low-income units

Is new subway entrance to arena block worth $50 million (as MTA claimed)?

Did the city give Forest City Ratner $31 million more for arena land? Yes

The payments to bond counsel and underwriting counsel

Did Forest City Ratner have the power to sell naming rights three years ago?

FCR must reinforce subway supports on its own dime, but what's the cost?

More details on the arena block, thanks to new schematics

At the ESDC offices

Documents were made available only in hard copy, and in ten large binders. Jonathan Barkey, who accompanied me, shot a brief piece of video.

You can see a bit of Erin Durkin, a reporter for the New York Daily News, across the table--she was the only other press person to show up on the first day of document availability.

We were quietly supervised by a series of ESDC staffers who sat in the room to ensure, perhaps, that we didn't take any of the pages home.



The ESDC was willing to copy about 20 pages then and there, but said it could take a week to get larger quantities of documents. Barkey brought a camera and created some scans on-site, thus saving me time and money.

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