WNYC reporter Matthew Schuerman appeared today on the Brian Lehrer Show to talk about real estate, and the first part of the segment was a recap of Atlantic Yards news.
The Gehry switch
There were a few tidbits of news and context. Given the departure of starchitect Frank Gehry and the plan for a much more pedestrian arena, was this the project that was sold by the developer?
āItās certainly not the project the public was sold on,ā Schuerman responded, but he noted that no government documents require Gehryās participation, and government agencies still back the project.
Thatās true, but Iād add that the Empire State Development Corporation, in its 12/8/06 press release, described "The almost $4 billion Atlantic Yards project designed by world-class architect Frank Gehry..."
Arena losses
Even though the Independent Budget Office has concluded that the arena would be a money-loser for the city, in terms of new tax revenues, Mayor Mike Bloomberg still supports AY. Lehrer asked why.
Schuerman pointed out that city officials expect their own cost-benefit analysisāI think itāll be a fiscal impact analysis, without costsāto say the project as a whole is a net positive.
Iām sure it will, but thereās a lot of reason to doubt that the cityās projections about the timing of AY. I think Bloomberg, like many elected officials, wants a ribbon-cutting.
Schuerman noted that city officials have changed their tune: āHowever, that wasnāt really the perspective the city was taking five years ago, six, when this deal was originally struck. They thought the arena was going to be the money making deal. They actually tied their subsidies to the arena.ā
MTA bid
In discussing the reportedābut not confirmedāplan by Forest City Ratner to pay $20 million down for the MTAās Vanderbilt Yard and the rest of the owed $100 million over time (with interest), Lehrer commented, āLike The MTA can afford to give concessions to developers right now, will this make the subway fare go up?ā
āIn and of itself it wonāt,ā Scheurman said. āIt does put a little pressure on the capital plan.ā (Actually, it looks like some capital monies will be shifted to operating costs.)
(Perhaps we'll learn at the Develop Don't Destroy Brooklyn community meeting Tuesday night about further responses to the MTA plan.)
Lago's departure
Lehrer said that Gov. David Paterson last week fired ESDC CEO Marisa Lago--though thereās more evidence she left on her own. āDid her release have anything to do with this project?ā he asked.
āNot that I know of,ā Schuerman responded. āAll I can say, Brian, on that, I saw her at the [state Senate oversight] hearing [May 29]. This was a little more than a week ago. She was sweating bullets. In fact, she ran through a couple of bottles of water there when she was on the stand. It may have been that the pressure got too much for her, but then again, her decision may have had nothing to do with it.ā
I donāt think it didāLago may have been nervous, but she got far more gentle questioning than she deserved. Maybe she was prepping for a much tougher hearing.
I suggested that her deceptive testimony at the hearing could not have impressed her superiors--and maybe gnawed a bit at her conscience.
(At right, New York Magazineās Approval Matrix, regarding the hearing.)
The Gehry switch
There were a few tidbits of news and context. Given the departure of starchitect Frank Gehry and the plan for a much more pedestrian arena, was this the project that was sold by the developer?
āItās certainly not the project the public was sold on,ā Schuerman responded, but he noted that no government documents require Gehryās participation, and government agencies still back the project.
Thatās true, but Iād add that the Empire State Development Corporation, in its 12/8/06 press release, described "The almost $4 billion Atlantic Yards project designed by world-class architect Frank Gehry..."
Arena losses
Even though the Independent Budget Office has concluded that the arena would be a money-loser for the city, in terms of new tax revenues, Mayor Mike Bloomberg still supports AY. Lehrer asked why.
Schuerman pointed out that city officials expect their own cost-benefit analysisāI think itāll be a fiscal impact analysis, without costsāto say the project as a whole is a net positive.
Iām sure it will, but thereās a lot of reason to doubt that the cityās projections about the timing of AY. I think Bloomberg, like many elected officials, wants a ribbon-cutting.
Schuerman noted that city officials have changed their tune: āHowever, that wasnāt really the perspective the city was taking five years ago, six, when this deal was originally struck. They thought the arena was going to be the money making deal. They actually tied their subsidies to the arena.ā
MTA bid
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āIn and of itself it wonāt,ā Scheurman said. āIt does put a little pressure on the capital plan.ā (Actually, it looks like some capital monies will be shifted to operating costs.)
(Perhaps we'll learn at the Develop Don't Destroy Brooklyn community meeting Tuesday night about further responses to the MTA plan.)
Lago's departure
Lehrer said that Gov. David Paterson last week fired ESDC CEO Marisa Lago--though thereās more evidence she left on her own. āDid her release have anything to do with this project?ā he asked.
āNot that I know of,ā Schuerman responded. āAll I can say, Brian, on that, I saw her at the [state Senate oversight] hearing [May 29]. This was a little more than a week ago. She was sweating bullets. In fact, she ran through a couple of bottles of water there when she was on the stand. It may have been that the pressure got too much for her, but then again, her decision may have had nothing to do with it.ā
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I suggested that her deceptive testimony at the hearing could not have impressed her superiors--and maybe gnawed a bit at her conscience.
(At right, New York Magazineās Approval Matrix, regarding the hearing.)
Maybe Lago was sick. Nah, it has to be something much grander, part of a larger conspiracy, perhaps.
ReplyDeleteSchuerman and I were there, you were not.
ReplyDeleteI can say this: she and her entourage were in a big hurry to leave the building, so much so that her staff blocked me from asking any questions, like: when might construction begin?
They all weren't "sick."