Category Archives: Ratner and the Nets Stadium

REVEALED: The Source of BUILD's Wealth

build revenue source revealed-tn.jpgRevenue, thy name is Xerox?

Hmm… maybe. The situation: about 16 months ago, some people started a non-profit called “Brooklyn United for Innovative Local Development,” or BUILD, that appears to have been created for the express purpose of promoting and/or defending Bruce Ratner’s Atlantic Yards project.

Pretty much everyone who opposes Ratner thinks that he’s somehow behind the group. The BUILD people are acutely aware of their suspicion. From buildbrooklyn.org (yes, they have a real website now):

Myth: BUILD is financially supported by Forest City Ratner.

Fact: Since its inception BUILD has been supported by its members and community based supporters. BUILD’s faith in God and strong ties to the community has sustained and perpetuates our operations and advancement of our mission…”

Well… that’s nice. But not exactly what I would call full disclosure. I asked Dan Goldstein of Develop Don’t Destroy if anyone knows just a bit more precisely how BUILD gets its funding:

“It’s only been speculated upon. I do know that they have held fundraisers where Bruce gets his buddies to come and donate.”

“Nobody has proven that Ratner directly funds them. I think it hurts our cause to accuse them of that.”

“I also do know that Develop Don’t Destroy has raised all of its money from the community to this date, and we can’t afford an office on Vanderbilt.”

That’s about as far as we’ve got. We’ll post an update if we get any news from BUILD.

Bruce Ratner: Born and Raised in Brooklyn

The News Interview: Bruce Ratner

“Opponents of your plan complain that you are using the threat of eminent domain – forced acquisition of property by government – to make the project work.”

“We’ve already privately acquired a very substantial portion of the site, and given everybody on the site the opportunity either to relocate or make a fair amount of money above what they originally paid. Most people have taken that option, so we don’t have to depend to any great extent on eminent domain.

“How does the arena project fit into the overall development of the borough?”

“All the outer boroughs live in the shadow of Manhattan, but Brooklyn has the best chance of escaping that because we have our own brand. Bringing a team to Brooklyn will enhance that brand and give people civic pride, but we have to keep pushing and promoting. Look, I’m not from Brooklyn, I’m from Ohio – but I chose Brooklyn. One of the biggest compliments I was ever paid came when Howard Golden, the former borough president, introduced me to an audience as born and raised in Brooklyn.

Live: Update on UNITY, Alternative Plan for Atlantic Yards

marshall brown-tn2.jpg[PICTURED: Marshall Brown.]

Most of this should be considered paraphrase, though much of it is quotes, verbatim:

Marshall Brown presentation of the UNITY plan, an alternative take on the Atlantic Yards project.

GIB VECONI:
This is the opposite of the planning process that has taken place at Atlantic Yards with respect to community participation. The input of the community has not been sought. On the other hand, the UNITY plan came out of a community participation process.

Brown: Development can’t just be about money … we have been working with Tish James and community groups for the past year on this idea: urban planning … specific goals: shift discussion away from the arena and back toward our community. We have been “somewhat” successful but now the goals need to change a bit.

There has been a lot of division in the community over Atlantic Yards, but we share the same goal and in the end can reach them with a collaborative model… we have to get very active. What we are going to do: before the end of the month, hold another workshop where we bring together the leaders of the different groups and organizations we have worked with, get them in a room, see if we can develop a joint plan of action to address and deal with this problem. The time for waiting has really passed.

Q. Bottom line, have any developers shown interest in this? Is there anyone that’s… has anyone put up money? No, absolutely not. Have there been discussions with developers through Tish James’ office? Yes. Do developers think it’s feasible, yes, but we are encountering same difficulties they encountered on the west side. It’s difficult to engourage developers to step forward when there’s another project on the table. Developers follow a “gentleman’s agreement”: When one has a project on the table, others are loathe to step forward to critique it or offer other other proposals. “If we are waiting for Robin Hood or Tarzan to come swinging out of the trees and save us on this one, I think we might be in trouble.”

…Sorry if I don’t sound rosy and charming this evening, but I have deep concerns about what I see happening on that side of the river and this side of the river. We have to move. There is not really much more time to wait.

Veconi: I share a number of Marshall’s concerns about recent events… (but) there is actually in my view some cause for some optimism … although it has taken some time for community groups to come together, that is absolutely happening at this point.

Dan Goldstein (?): Shaya Boymelgreen sold (two small lots to Ratner) for $44 million, … to me, that says these yards are very valuable, but as of right now, there is no open bidding process. Aside from looking for fearless developers … we have to get the MTA, not to quietly say in a semi-public letter to FRC … (but publicly state) that they will accept bids. Then maybe some developers will step up.

q. Do you plan to put a community benefits agreement (CBA) included in your plan? There is another community that seems to be excluded that nobody seems to recognize. We need jobs. Brown: for us, CBA is a bit of a moot point. CBA is a tool largely used by developers to put a patch on what’s a much larger problem. In a lot of cases, they don’t work. They are necessary when there are no community benefits inherent to a project. We are trying to come at it a different way … the project should at its core be a civic project with civic benefits, from the beginning, period.

Brown suggests “let’s learn how to fish” rather than taking fish from Ratner, to which an audience member responds: “You go tell those young people that … Some of them don’t have the skills to have their own business. Because of that, right now, they need a job, some place to work.”

Brown: Yes, people need jobs, they have to eat today, but $7 an hour at Target doesn’t feed children, … doesn’t pay a mortgage … We agree there are short-term and long-term problems, but we need to look at the entire range.

–FIN–

Boymelgreen Flips "Hotel" Properties in Atlantic Yards Footprint; Profit: Insane or Obscene?

So much for the mythical Boymelgreen Roadblock. Anyone who actually believed Shaya Boymelgreen earnestly intended to build a hotel near Pacific and Vanderbilt should read today’s New York Times (thanks sje for the tip): Developer Bruce Ratner is going to buy those two buildings (800 Pacific Street and 546 Vanderbilt Avenue) in the footprint of the Atlantic Yards project. Rival developer Boymelgreen had bought the buildings in August–August–and had “vowed to block” Ratner’s plans for the Atlantic Yards project, according to NYT.

So, let’s recap: Boymelgreen bought the property in August 2004, for $20 million, for no other reason than he thought it might be a nice place for a hotel. Eight months later, Ratner’s Forest City Ratner Companies agrees buy the buildings and pay $44 million to Boymelgreen’s development company. So, a difference of $22 million in 8 months, or a selling price 120% higher than the buying price.

BOYMELGREEN, the team player: “I’m not the one to block a big project that everybody wants to see going on.”

As Jack Krohn infamously remarked, “it’s a pretty rare occasion that a man as rich as Ratner does not get his way.” This latest “win-win” transaction shows that when two rich men square off, nobody actually has to lose. It’s a great day to be a multi-millionaire in New York!

Pro-Ratner Pollster Tries to Convert Patti Hagan

Of all the 718 numbers to dial, he had to pick hers…

“An advocacy telephone poll promoting Brooklyn’s biggest potential development project collided with the project’s fiercest opponent while canvassing the borough’s telephone lines this week.”

“What if I told you the Nets stadium would usher in the Golden Age of Brooklyn, and we’ll all be rich and have sparkly new schools… Does that change your opinion?”

“No! Absolutely not!”

“What if they gave lollipops and balloons to all the handicapped children in Brooklyn?”

“Opposed! Strongly opposed!”

“What if …”

“No! No! No!”


Thanks to reader NONROYAL for pointing it out: “For pure comedy, it’s hard to beat this.”

BRANDING: Nets are now "Nets Presented by Jackson Hewitt"

branding-iron.jpgTen days ago (six years ago in Internet Time), the Newark Star-Ledger reported that the New Jersey Nets are “suddenly … ‘the New Jersey Nets presented by Jackson Hewitt.'” This is the doing of Brett Yormark, the former NASCAR exec who’s trying to “sell” the Nets to Brooklyn.

Carrie at Stay Free Daily asks: “Could this move prompt NYC officials to realize that … using a sports team named after a tax preparation service isn’t exactly going to help ‘brand’ Brooklyn? Nah, I doubt it…”

[ALSO FOR SALE: “B.S.” Branding Iron.]

Marty Reads Script, Then Splits

scary marty.jpgset speed on Borough President Marty Markowitz last night at the PHNDC meeting: he “made a showing and I must say I was quite disappointed by his performance. For an elected official … to read off a 5 minute statement verbatim from a sheet of paper shows utterly, a lack of respect for his citizens.”

Markowitz, who took no questions, basically stated he would be happy to see Atlantic Yards developed by anybody–absolutely anybody, not necessarily Bruce Ratner–as long that somebody has financing, a basketball team and a neat website. Not sure if Markowitz stayed for Letitia James’s comments, but he did appear to leave in a hurry.

Also: does the Ratner opposition need spelling lessions? Read more…