The Real Deal New York

Forest City Ratner sues for more tax breaks at Atlantic Yards

October 31, 2013 12:35PM

MaryAnne Gilmartin and a rendering of a pre-fab tower at Atlantic Yards

MaryAnne Gilmartin and a rendering of a pre-fab tower at Atlantic Yards

Forest City Ratner has filed a lawsuit demanding that the city slash its valuation of a section of the Atlantic Yards megaproject, despite the developer having received at least $761 million in subsidies and tax breaks from the city and the state for the project.

The city’s Department of Finance valued the land on the southern side of the project, known as block 1129, at $11.2 million in the 2013 fiscal year. The land currently holds a parking lot, but is slated for high-rise construction.

But Forest City Ratner claims the land is only worth $1.6 million, according to the lawsuit filed last week in New York State Supreme Court, DNAinfo reported.

“As you can imagine, real estate and development companies like Forest City have a fiduciary responsibility to review and question assessments in a timely manner,” Joe DePlasco, a spokesperson for the developer, told DNAinfo.

“This is a standard operating procedure for these types of companies,” he added.

Barclays Center, the sports and entertainment arena that is a cornerstone of Atlantic Yards, is about $50 million behind its income projections. [DNAinfo]  – Hiten Samtani

4 Responses to “Forest City Ratner sues for more tax breaks at Atlantic Yards”

  1. October 31, 2013 at 2:55 pm, InTheSlope said:

    Nice FCRatner wants/gets a tax cut because block 1129 is worth less because they are unable to develop unless they get money from China & we
    get a blighted rail yard for 25+ more years, remember blight was the
    reason eminent domain was used to take everyone’s property?

  2. October 31, 2013 at 6:11 pm, jackdaniels2 said:

    Pour one on the rocks for me homie G

  3. November 03, 2013 at 12:07 pm, That_Brooklyn_NY_Guy said:

    Eminent domain. Another tool for Gentrification. To some that up ” People of color and people of low income ( whites too ) get the F out we don’t want you here ”
    True Americans, you gotta luv it. Don’t for get to sign up at the website that has 3 Ks in it.

  4. November 04, 2013 at 10:11 am, Ann said:

    Ratner and other developers feel that the taxpayers should just pay and pay and pay. NO MORE TAX BREAKS. BRING THE COST OF LIVING IN NEW YORK down. The rents are nothing more than extortion. The taxpayer is proving the tax breaks and the taxpayer is again footing the bill with super high rents while these guys live in their mansions and on their yachts and private jets etc. The taxpayer is having these more than wealthy people sucking them dry. After paying the high cost of living in this once great state the super high cost of living is causing more people to leave the City. No more tax breaks. Enough. Enough no more tax breaks.

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