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March 05, 2006
Atlantic Yards - Scary Pictures
This image is a sneak peak of what has been billed as the coolest Google Map hack to date (and it also looks like something out of a Residents nightmare).
On Monday, March 6th, 2006, OnNYTurf, will launch a clickable Google map that offers wide-angle shots around the footprint of the proposed Atlantic Yards Development with renderings of the Gehry-designed megalopolis, and architecturally interesting places that make this neighborhood worth fighting for.
Posted by klowy at 05:50 PM | Comments (0)
360 Furman Street Update (it's not a park, it's an amenity)
Below are sections of the Memorandum of Understanding between the Brooklyn Bridge Park Development Corporation and the owners of 360 Furman Street.
It starts out in a normal fashion:
"Whereas, on May 2, 2002, the State of New York and the City of New York entered into a Memorandum of Understanding to cooperate in the creation, development and operation of Brooklyn Bridge Park on approximately 67 acres stretching along the East River for 1.3 miles from Atlantic Avenue to Jay Street north of to Manhattan Bridge; and
Whereas, Developer is the owner of real property and improvements known as 360 Furman Street, Brooklyn, New York, …and
Whereas, Developer desires to develop the Property into a mixed use condominium project consisting of residential apartments, commercial space and a parking garage which will be condominium units; and"
And then it takes a bit of a detour:
“The new Park is an amenity that should help ensure the success of the new residential and commercial development of the 360 Furman Street Building"
Then the agreement discusses the PILOT's. They got a nice little break. In fact, they got a huge break. Without the break, they could pay for just about all of the maintenance for the park. But then there would no reason to build all those other condos.
"Total expected sales: $571,732,865 for 441 units @avg $1,013/SF
Dev to pay PILOT equivalent to J51 benefits to a taxable entity
Est annual carrying cost w/o J51 $12,422,530 (2%)
w/J51 $7,329,352 (1%)
Saving $5,095,179 (saving 41% of normal taxes)"
So the folks who can afford the million dollar condo get a tax break? Does that make sense?
Posted by klowy at 05:16 PM | Comments (0)