New York Court of Appeals to Hear Atlantic Yards Case

The New York Court of Appeals (the state's highest court) agreed today to hear arguments in the case of Goldstein v. New York State Urban Development Corporation, which deals with the controversial use of eminent domain on behalf of developer and New Jersey Nets owner Bruce Ratner. As I discussed in an article last week, Ratner is the real estate powerbroker behind the Atlantic Yards redevelopment project in Brooklyn, a massive boondoggle centered on a new basketball arena for the Bruce Ratner-owned Nets.

Things are certainly heating up now. Last Monday, the Metropolitan Transit Authority (MTA), which controls a crucial 8-acre rail yard at the center of the Atlantic Yards footprint, offered Ratner a massively discounted new offer, whereby he would pay just $20 million up front for the land, then pay another $80 million over the next 22 years. Three years ago, however, the MTA wanted the full $100 million up front (and that's for 8-acres that have been appraised at over $200 million). Bear in mind that the MTA just raised subway and bus fares, yet somehow still has the cash to bail out Ratner and his lousy corporate welfare arena. So much for acting responsibly during an economic recession! As for Ratner, he still needs to raise over $500 million and break ground before the end of the year in order to qualify for tax-exempt status. So it's wonderful news that he'll be tied up in court trying to explain away eminent domain abuse while the clock keeps ticking away.

Comments

[libertymike]

Its so nice to see rent seekers having problems.

[John-David]

I wish the Goldstein in this case was the great Al "Screw" Goldstein.

[Silentz]

Someone sounds a little bitter.

[sixstring]

BUT WE GET THE NETS!!! Of course it's worth it.

sorry.

[kevrob]

Does this mean the Dodgers will get to build their stadium there, now?

Kevin

(suffering for his Mets)

[Ska]

Until Mayor Bloomberg pushes to give him an extension, and cashes in on his self serving term limits expansion.

OK, maybe not, I'm still pissed about the term limits thing.

[Episiarch]

I filmed some shit in the Atlantic Yards. "Navy Yards", we called it. It's totally rundown and could use some development.

From a non rent-seeking asshole other than Ratner, that is.

[Rhywun]

Pfft. All Ratner has to do is toss in a couple thousand more units of "affordable" housing and the powers that be will give him anything he wants.

I will remain cautiously thrilled at this news for now, but it's going to be long uphill battle considering that the only people against this project are, well... the entire population of NYC who isn't a politician and doesn't own a newspaper.

[Rhywun]

Epi, the Navy Yards are a different place.

[hmm]

There's a cure to eminent domain. It moves roughly 2000+ feet per second.

Just discount the property to the gay community and stand back and watch the gentrification occur. At least the people already there will have a chance. The owners will win the renters will suffer, but that's better than being fucked by a suit and the government.

[Episiarch]

Rhywun, good point, I didn't realize they were different. This is what happens when you live in Manhattan--all of the stuff in the boroughs blend together. Still, Ratner can go to hell.

[J sub D]

Urban planning shows it real face.
Goddam I hate this shit.

Fuck Ratner.
Fuck Bloomberg.
Fuck the Nets.
Oops, my bad. The Nets have been fucked for quite some time.

I celebrate with fine whiskey if this boondoggle crashes and burns. If some politicians' careers are ruined by it, I'll get snot slinging drunk.

[brotherben]

Does this 8 acre rail yard have a refueling site? Those are notoriously nasty diesel fuel cleanup sites. It might be a way to hold things up or stop them completely.

[Xeones]

There's a cure to eminent domain. It moves roughly 2000+ feet per second.

Just discount the property to the gay community and stand back and watch the gentrification occur.

Gays move into crappy neighborhoods at 2000 feet per second? Huh.

[ChrisO]

Are they going to take a cue from the Angels and become the New Jersey Nets of New York?

I figured that the lousy real estate market had killed off this project, but I guess not.

[TrickyVic]

"""Does this 8 acre rail yard have a refueling site?"""

Don't know, most of the trains are electric. LIRR does run a few diesel engines.

"""Are they going to take a cue from the Angels and become the New Jersey Nets of New York?"""

No it's a cue from the NY Giants of New Jersey.

[kevrob]

The NJ Nets have previously been the New York Nets, and before that the New Jersey Americans.

They could be the Brooklyn Nets, I suppose.

If they became the Brooklyn Americans, they'd be named after a hockey team that never actually played in Brooklyn.

Kevin

[Todd]

I know I might have to give up my libertarian street cred, but I hope Ratner wins. Besides, if another neighborhood gets infected with trustafarians (which is what the opposition is at least implying), then there's more pressure for rent control and "affordable housing". Yes, he's a prick for using eminent domain, but on the whole, I like the project for screwing over yuppies like Goldstein.

[Rhywun]

LIRR's diesel trains operate out of Queens. The branches to Manhattan and Brooklyn are underground and therefore electric-only.

Anyway, the Atlantic Yards project has been guttering out very, very slowly. First the economy made it uncertain. Then Gehry pulled out and left us with an ugly box stadium rather than whatever crazy contraption Gehry would have come up with. Then it was announced that most of the supporting residential towers would have to go. So really, all that's left is Ratner building a trophy building for himself and his team, and slapping Barclay's name on it and the adjacent subway station for a little extra dough. Nobody wants it except Ratner, who has been crappy ugly buildings all over downtown Brooklyn for decades now, and of course every politician.

[Rhywun]

crappING

[Rhywun]

Todd, I don't know Goldstein, but the neighborhood is rather shabby and I suspect a lot more non-yuppies are affected than yuppies. In any case, grabbing private land for a different private use just so it generates more tax is wrong no matter how you look at it.