Would the Atlantic Yards project bring $6 billion in new revenue to the city and state over 30 years? That's developer Forest City Ratner's mantra, in meetings, in the Brooklyn Standard promotional sheet, and now in a letter (right) they're providing to state legislators in an effort to lobby Assembly Speaker Sheldon Silver. The state budget is supposed to be decided by April 1, and the developer seeks the inclusion of $100 million in state aid promised in a 2005 Memorandum of Understanding , even though the project is still in the early stages of review . The $6 billion is the biggest lie in the whole Atlantic Yards controversy. OK, syntactically, it's not a lie. The $6 billion has indeed been estimated in a study FCR commissioned, written by sports economist Andrew Zimbalist. But it's not credible. It results from manipulated statistics, an enormous (and methodologically flawed) overestimate of revenues, and an omission (and then an underestimate) of costs....
This watchdog blog, by journalist Norman Oder, concerns the $6B project to build the Barclays Center arena & 15-16 towers at a crucial site in Brooklyn. Dubbed Atlantic Yards by developer Forest City Ratner in 2003, it was rebranded Pacific Park Brooklyn in 2014 after the Chinese government-owned Greenland USA bought a 70% stake going forward. In 2018, once the arena & four towers were built, Greenland bought out most of Forest City's stake, then sold three leases to other companies.