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Running the Math on Atlantic Yards: Big, Scary Numbers!

New math on developer Bruce Ratner's bid to build Frank Gehry's stadium dream at Atlantic Yards in Brooklyn is out. The Observer's Matthew Scherman reports that NYC stands to net ("hee-hee") about $1 million a year from the venture. What that means: "What the city loses from its $100 million donation?plus some other goodies?it would make up over 30 years in sales and incomes taxes, and then a wee bit more." (Stadium foe Develop Don't Destroy isn't impressed.) Meantime, seeking to beat back the rival bid for Atlantic Yards from Extell, Ratner has doubled his offer on the land to $100 million?still $50 million less, on its face, than Extell's $150 million offer.
· $1 Million A Year [Observer]
· Offer Is Doubled to Build Arena in Brooklyn [NYTimes]
· Sweet Deal for Ratner, Raw Deal for Taxpayers [Develop Don't Destroy]