Friday, April 06, 2012

How many workers at the Atlantic Yards arena/transit site? Bondholders don't get told

The latest Site Observation Report by Merritt & Harris, the real estate consultant to the arena PILOT Bond Trustee (and Forest City Ratner/ESDC), is supposed to tell bondholders how the project is doing.

One thing it typically explains is how many workers are at the site. Below is the excerpt from this month's report, dated 4/2/12, and based on a visit of 2/23/12 and documents made available 3/20/12.

As you can see, we don't really know the number of workers at the site (which excludes the Vanderbilt Yard/Carlton Avenue Bridge) because there are strikes through the numbers. Those were the numbers reported last month, so perhaps this new report was issued carelessly without such an update.


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