The Observer points to the 2006 "historical delusion" perpetuated by those pushing Stuy Town; weren't similar delusions behind AY?
To flip through the pages of the 2006 offering book for potential buyers of the 11,200-apartment Stuyvesant Town and Peter Cooper Village-a deal that has devolved into the largest individual property default in modern history-is to immerse oneself in an historical delusion, one that, from today's privileged vantage point, appears as likely as Iraqi WMDs.Well, there were other historical delusions put forth in that heady year, perhaps not of the precise magnitude, but significant nonetheless.
The book wove the strands of possible Stuy Town revenue into a real estate dreamscape, one in which the largely rent-regulated complex could become a wealthier community, complete with an elite private school, gourmet grocery shops, private spas, gated communities, Santa Cecilia granite countertops in every apartment.
How about the projected Atlantic Yards timeline, which in April 2007 I suggested might be a fantasy?
(Graphic by Abby Weissman; click to enlarge)