At legislative hearing, ESD CEO Knight claims they're seeking new developer (how?) out of foreclosure, punts on fines for absent affordable housing.
During yesterday's joint Legislative hearing on the gubernatorial administration's budget proposal, Brooklyn Assemblymember Jo Anne Simon (video here , also below) queried Hope Knight, President, CEO and Commissioner of Empire State Development (ESD), the state authority that oversees/shepherds Atlantic Yards/Pacific Park, about the troubled project. Knight hardly offered candor, but she did hint--as seemed likely--that ESD has not merely been standing by while master developer Greenland USA faces a foreclosure action that would lead to the loss of its ability to develop six parcels (B5-B10) over the Metropolitan Transportation Authority's Vanderbilt Yard. Still, however much ESD hopes a new developer may step in, that doesn't make it likely. Nor does it resolve some knotty questions, including one Knight essentially dodged regarding the master developer's obligation to pay $2,000/month fines for each unit of affordable housing--876 (or 877) in total--not delivered ...