ByEDWARD-ISAAC DOVERE
Forest City Ratner Companies(FCRC) formally announced late lastmonth that it had fulfilled its promise of purchasing much of the property at Atlantic Yards, limiting the use of exer-cising eminent domain.“We have always promised to doeverything possible to reduce the needfor eminent domain,” said FCRCExecutive Vice President James Stuckey, who made the announcement at the May 26 hearing of the City Council’sEconomic Development Committeeattended by community supporters,unions, and Brooklyn Borough PresidentMarty Markowitz.
June/July 2005 • VOL. 1, ISSUE 1 A Publication of Forest City Ratner Companies
Legendary broadcaster and Brooklynnative Marv Albert, the voice of New York sports, has joined the Nets. Beginning inSeptember, he will call 50 games on the YES Network, as well as host a 13-episodeto-be-determinedshow. Albert, who grew up in BrightonBeach andManhattan Beach,called his first gamesin grade school on hisown tape recorderhe broughtto EbbetsField. Heis lookingforward tocallinggames againin his homeborough.Recently,
The Brooklyn Standard
sat down with
ByEDWARD-ISAAC DOVERE
In the 20 years since Forest City RatnerCompanies (FCRC) broke ground on itsfirst Brooklyn project, a lot has changed. Theborough that many were once ready to writeoff has exploded with development and pop-ularity, more vital today than ever before.The development company has had amajor hand in this transformation. Starting with 1 Pierrepont Plaza in 1988, FCRC hasadded 15 buildings to the borough. Betweenthe construction jobs and permanent ones atthe office space in MetroTech Center andelsewhere, the economic benefit to Brooklynhas been enormous. This in turn has meantmore residents and more culture, enrichinglife in the borough in nearly every way.The construction of Atlantic Yards will bea continuation of this progress. Expected togenerate $6.1 billion over the next 30 years
Inside:
Around Brooklyn
8-9
Brooklyn Family
10
Sports
12-13
Old Brooklyn
15
CONTINUED ON PAGE
15
CONTINUED ON PAGE
3
CONTINUED ON PAGE
12
Yes!
Voice of New YorkSports Joins Nets
A listing of arts,community eventsand activities in ourborough.What to do thissummer for kidsand families.Preview of theBrooklyn Cyclones’Season.A look intoBrooklyn’s richarchitecturalhistory.
BROOKLYN’SBOOMING
Atlantic Yards Will Bring Jobs,Housing and Hoops
Atlantic Yards will create a 22-acre residential, commercial and retail neighborhood in Brooklyn.MarvAlbert
Forest City Ratner Continues Efforts to Avoid Condemnation
www.brooklynstandard.com
BY EDWARD-ISAAC DOVERE
F
OREST CITY RATNER COMPANIES (FCRC) MADE
a historic announcement at a press conference lastmonth, agreeing to dedicate 50 percent of the 4,500rental units at Atlantic Yards to low- and middle-income residents.
“
What we have done here is huge,
”
said Bertha Lewis,executive director of the Association of Community Organizations for Reform Now (ACORN), which signed aMemorandum of Understanding with FCRC. MayorMichael R. Bloomberg joined FCRC and ACORN atBrooklyn Borough Hall to unveil details of the plan.In attendance at the press conference were representativesfrom unions such as the Carpenters, the Teamsters, 32-BJ-SEIU, and the Plumbers. Others in attendance includedUnited Federation of Teachers President Randi Weingarten,Council Members Yvette Clarke, Lew Fidler, Bill de Blasio,Tracy Boyland, Michael Nelson, James Sanders and KendallStewart, Assembly Members Joseph Lentol, Roger Green,and Clarence Norman, and State Senators Marty Golden,Kevin Parker and Carl Andrews.Of those units designated as affordable housing, there would be two- and three-bedroom apartments distributedthroughout the buildings, as well as studio and one-bedroomapartments. Senior citizens would be given priority for 10percent.
“
This is a very good day for low- and moderate- income fam-ilies,
”
Lewis said.
“
This team of labor, elected officials and avisionary developer have put affordable housing back on track.
”
Bloomberg, whose administration has been strongly sup-portive of the development, expressed great excitement aboutthe new plans.
“
This announcement is what we call in business a slamdunk,
”
he said, praising the Memorandum of Understandingfor its commitment to alleviating the growing housing short-age as the largest affordable housing development in the city.For FCRC, the logic behind the revision was simple. Thecurrent vacancy rate in the city is 3.2%, substantially below the 5% benchmark that is considered an official housingemergency. This is partly the consequence of populationgrowth of nearly 700,000 throughout the five boroughsbetween 1990 and 2000, with only 81,000 units of new housing created. The city
’
s rate of severe overcrowding,defined as having 1.5 residents or more per room, is now sixtimes the national average.Elected officials call this plan unprecedented.
“
The synergy between public policy and private policy, thesynergy between public resources and private resources hasreally created a new paradigm,
”
said State AssemblymemberGreen.He went on to thank Ratner for
“
really transcendingthe issue of being a developerthat is only concerned withproperty imperatives and now being concerned with moral imperatives.
”
It is not just about availability, though. Price is becomingan ever-larger drain on family incomes, with almost one inevery four New Yorkers paying more than 50% of householdincome to rent and utilities. That is why the company worked with ACORN, the Department of Housing Preservation &Development, and the Housing Development Corporationto provide housing for working families in Atlantic Yards.The housing program, to be based on the New York City average median income (AMI), will ensure that resident fam-ilies pay no more than 30% of their income in rent. Familiesmaking up to 160% of the AMI will be eligible for space inthese units. The units will be distributed between familiesacross the income range from approximately $13,000 to$100,000 per year.
“
When you bring housing, you make a community alive,
”
said FCRC Executive Vice President Bruce Bender.
“
You
’
recreating this massive movement of money going from yourpocket to the card store, from the card store to the pizzeria, totax dollars. There
’
s a whole lot of things happening that endup in the city coffers via sales taxes, via income taxes, via busi-ness taxes, and it just makes this whole circle go around.
”
Bloomberg looked at it from a broader perspective.
“
This is about helping a whole part of New York City share in the great American Dream,
”
he said.
“
When we talk about a city of opportunity for everybody, we mean every-body.
”
❖
“What we have done here is huge.”— Bertha Lewis, ACORN executive director
ACORN Executve Director Bertha Lewis andMayor Michael R. Bloomberg celebrate theannouncement of more affordable housing atAtlantic Yards.
Atlantic Yards to Add More Affordable Housing
A N D R E W S C H W A R T Z P H O T O
2
June/July 2005|THE BROOKLYN STANDARD
for the city and state, the 22-acre residential and commercialdevelopment will be created with a $3.5 billion investment.That sort of wide-ranging economic boon is what wonthe project support from Governor George Pataki, whorecently praised it for
“
contributing to Brooklyn
’
s revival.
”
The centerpiece of the plan will be an arching, glass-enclosed arena for the Nets designed by world-renownedarchitect Frank Gehry. The building will seat approximately 19,000 fans for basketball and other events, and 20,500 forconcerts.The 17 other high-rise buildings in the six-square-block footprint bounded by Dean Street and Vanderbilt, Flatbushand Atlantic Avenues, will provide more than 6,000 new housing units, including 4,500 mixed-use rentals, in addi-tion to office and retail space.The company estimates the project will create 15,000construction jobs and 6,000 new permanent jobs, an ideathat has already won many champions, including MayorMichael R. Bloomberg, who said in his January State of theCity address that it will be
“
the capstone of DowntownBrooklyn
’
s rebirth.
”
It is a rebirth Bruce Ratner and his company have beenintegrally involved in since breaking ground on MetroTechCenter, the office building complex center just down thestreet from Borough Hall.
“
We came here in the mid-
‘
80s when it was difficult forthe city to attract businesses anyplace other thanManhattan,
”
said FCRC Chief Operating Officer andExecutive Vice President Joanne Minieri.
“
We just are majorfans of Brooklyn and feel that we
’
ve done an awful lot to takesome of the risks in the early days, which is why it
’
s flourish-ing today.
”
This commitment to the borough led Ratner to lead a$300 million bid for the Nets last year around the concept of integrating a new home for the team into the company
’
splans.
“
We now have a really unique chance to bring a businessto New York City, and to Brooklyn specifically,
”
Minierisaid, describing the enormous tax revenues to be collected oneverything from multi-million dollar players
’
salaries to con-cessions sold at the arena. The result will be a magnet and ananchor for all sorts of other businesses that FCRC and oth-ers agree will be drawn to the area. All this aside, there is the very important matter of civicpride.The Brooklyn Nets will be dribbling down the courtacross the street from where then-Brooklyn Dodgers owner Walter O
’
Malley wanted to build a stadium for his team.The blocking of that plan directly resulted in O
’
Malley
’
sdecision to move the Dodgers to Los Angeles, leavingBrooklyn without a major sports team of its own ever since.Minieri cited the fact that there are only 30 NBA fran-chises distributed through the country.
“
For Brooklyn to have its own team really puts it right upthere as being one of the prime cities in the United States,
”
she said.
“
It
’
s a recognition of what Brooklyn has come toaccomplish in its hard work over the last 15 to 20 years.
”
Under a proposal by FCRC, the rail yards will eventually be moved to a new site provided by FCRC. But with theconstruction of a temporary yard at the outset, there will beno service disruption at any phase of the construction.
“
This is a part of Brooklyn that could use some help, andit
’
s getting it,
”
Bloomberg said.The recently released Memorandum of Understanding(MOU) included a pledge of $100 million each from the city and state towards funding of new infrastructure and street work near the site. This cement-ed government backing of Atlantic Yards and the Netsarena, long favorites of electedofficials in the city and state.However, by substituting apartments for commercialspace, FCRC will increase the number of residential units atthe site by approximately 2,800. It will also expand the pub-lic space from six to seven and a half acres, and include asmall boutique hotel.In either case, the arena and four other buildings will becompleted in the first phase, expected to take three to five
“
This project will really represent the real rebirthand renaissance of our beloved borough.
”—
Brooklyn Borough President Marty Markowitz
Atlantic Yards will attract new businesses toBrooklyn.
CONTINUED FROM PAGE
1
New Buildings and Arena to Enhance Neighborhood
General Plan For Project
CONTINUED ON PAGE
14
Zoning Square Feet:
Arena:850,000 ZSFOffice:1.9 M ZSFResidential:5.5 M ZSF (6,000 Units)Retail:227,000 ZSFOpen Space:7.4 Acres
ArenaOfficeResidentialOpen SpaceRetail
( in base of buildings)
Zoning Square Feet:
Arena:850,000 ZSFOffice:428,800 ZSFHotel:187,000 ZSFResidential:6.8 M ZSF (7,300 Units)Retail:227,000 ZSFOpen Space:7.4 Acres
ArenaOfficeHotelResidentialOpen Space
Retail
( in base of buildings)
Expected Atlantic Yards Benefits
• 6,000 permanent jobs• 15,000 union construction jobs• $6.1 billion in total tax revenue for thecity and state over the next 30 years
Alternate Plan For Project
June/July 2005 2005|THE BROOKLYN STANDARD
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Brooklyn Standard June/July 2005
Issue of the Brooklyn Standard "publication" produced by Forest City Ratner to promote the Atlantic Yards project.
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