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Atlantic Yards/Pacific Park infographics: what's built/what's coming/what's missing, who's responsible, + project FAQ/timeline (pinned post)

Gotta get paid: BALDC bond issue fee dwarfed by payments to bond counsel and underwriting counsel

Wonder why there's so much momentum for deals like the $511 million arena bond issuance?

Because all parties involved get paid. As part of the Atlantic Yards master closing documents, first made available today, there's a list of the funds paid various participants in the transaction. (Click on the document to enlarge.)

Mintz Levin, the bond counsel, earned $2,726,633
Fried Frank, the counsel to Forest City Ratner, earned $626,684
Nixon Peabody, the counsel to the underwriters (Goldman Sachs), earned $2,325,000
Ratings agency Moody's earned $360,000
Ratings agency Standard & Poor's earned $388,080
Auditor Price Watershouse earned $60,000
Printer Bowne & Co. earned $76,618.63

The issue fee for the Brooklyn Arena Local Development Corporation (BALDC) was $533,000, which, as I pointed out two weeks ago, seemed low compared to the fees for recently-constructed stadiums funded by bonds authorized by the New York City Industrial Development Authority.