New Atlantic Yards Deal Jump Starts Affordable Housing

Friday, June 27, 2014

The current renderings for Atlantic Yards. (Courtesy of Forest City Ratner Companies)

New Yorkers have heard this one before: There's a new deal for Atlantic Yards.

Originally, the Barclays Center, 2,250 affordable apartments and some market-rate housing were to be completed within 10 years. The project was expected to be completed by 2016, but after delays brought on by a recession and a flurry of lawsuits, only Barclays is open; not the apartment buildings. In 2009, the hard-and-fast deadline was effectively pushed back to 2035.

Now, developer Forest City Ratner has agreed to speed up construction in return for more subsidies. Friday’s deal moves the deadline up to May 2025. And the new deal calls for two all-affordable buildings to be built next.

“That is an acceleration," said Norman Oder, the author of the Atlantic Yards Report blog. "There was never supposed to be, as far as I know, an-all affordable building. And I think that represents a considerable commitment, though we don’t quite know what it is, of city subsidies or housing costs,” 

Oder talked to WNYC’s Amy Eddings.



Norman Oder

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Amy Eddings


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Comments [4]

Norman Oder from Brooklyn

While the Times described the housing as coming "10 years early," an executive for Forest City Ratner said in April, "This 25-year outside date was never viewed by Forest City as a proposed construction schedule but as a date by which we failed. We have always intended to complete the project much, much sooner than that and we will."

More here:

Jun. 28 2014 09:44 AM
Norman Oder from Brooklyn

It turns out that most of the affordable units in the first two towers would serve households earning over $100K.

So it's not that the city is necessarily devoting more subsidies. But it's relaxing the requirements for the developer.

Norman Oder
Atlantic Yards Report

Jun. 28 2014 07:41 AM
Tal Barzilai from Pleasantville, NY

Knowing Ratner's history, he will most likely break this promise and the ESDC will by no doubt turn a blind eye to this, which shows how once again so many fell for this hook, line, and sinker.

Jun. 27 2014 11:08 PM
ronnie from morris park bronx

Again the rich guy gets his stadium first and the low income housing has to wait. Before Ratner and his buddy Bloomberg got involved the entire project by another buyer was for just housing and no stadium. They were ready to pay full price for the property but were turned down for Ratners plan. Ratner got 100 million dollar break on the deal from the city, the other buyer was going to for go the break. Now we wait for Ratner to make good.

Jun. 27 2014 09:50 PM

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