Had the ESDC disclosed the terms of the Development Agreement that were being negotiated when the petitions were initially heard, or brought the Agreement to the court’s attention promptly after it was executed... the balance of the equities may have favored a stay..."
—New York State Supreme Court Justice Marcy Friedman*
Had enough of the broken promises at the Atlantic Yards project? Our elected officials sure have. Now that the State has to consider whether to approve Forest City Ratner's proposed sale of interest in Atlantic Yards to Chinese developer Greenland Holdings, it's your chance to tell Governor Cuomo not to let what may be the last opportunity for accountability at the project slip away.
An internal memorandum by the New York State Empire State Development Corporation (ESDC) shows that a proposed sale by Forest City Ratner Companies (FCRC) of its interest in the Atlantic Yards project to Greenland Holdings Group will result in Greenland’s securing decision-making control on the remainder of the project. The sale would result in the creation of a new joint venture between FCRC and Greenland, and Greenland will be allowed to appoint a majority of directors to the new firm’s board, including its Chairman and CEO.
Assembly member Jim Brennan releases facts highlighting the delay in Atlantic Yards affordable housing
Today, Assembly member Brennan (D, Brooklyn), released the fact sheet below outlining Forest City Ratner Companies’ (FCRC) planned delay in producing the affordable housing benefits promised to the community. This fact sheet is released on the heels of the press conference on Friday, November 15, 2013 where Brooklyn elected officials and prominent civic groups called on FCRC to accelerate the affordable housing now and make a written commitment to that effect.