The Real Deal New York

City under pressure to release financials details of
Bedford-Union Armory project

Local officials want to see documents that show any profits to BFC

Yvette Clarke and the Bedford-Union Armory

Local officials in Crown Heights are trying to force the city to reveal exactly how much developer BFC Partners will be paid to redevelop the Bedford-Union Armory.

Congress member Yvette Clarke, state senator Jesse Hamilton and Assembly members Walter Mosley and Diana Richardson wrote to the city’s Economic Development Corporation, DNAInfo reported. They say the city has rejected their previous “repeated requests” for financial information.

Using a Freedom of Information Law request, the politicians are requesting documents that will show “profits to the developer,” and details on “any benefits that the EDC is offering” to BFC. They also want access to any previous correspondence between BFC Partners and the agency regarding Slate Property Group, which was previously a partner on the project.

“It is vital that the community gets the opportunity to make a reasonable assessment of this project to determine if they are getting a fair shake,” Richardson said in a statement, according to the website.

BFC plans to turn the building into 300 apartments, 12 townhouses and a sports center. Half the apartments would be designated affordable, but local politicians have argued that’s not sufficient.

BFC originally partnered with Slate Property Group on the project. But in August last year, Slate bowed to pressure from City Hall and agreed to sell its stake to BFC.

The city said Slate deliberately mislead it over plans to convert Rivington House from a nursery into luxury condominiums, which Slate denies.

The EDC said some requested information — like the project’s timeline, projected revenue, expenses and penalties to the developer if they don’t fulfill certain terms — have already been shared. [DNAInfo]Miriam Hall