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BREAKING NEWS: Post reports Ratner’s Yards subsidies at $2.1 billion!

By Gersh Kuntzman
The Brooklyn Paper

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Monday’s New York Post reported a story that is quite familiar to Brooklyn Paper readers: That Bruce Ratner’s $4-billion Atlantic Yards project is floating on more than $2.1 billion in taxpayer subsidies.

The Post story followed up The Brooklyn Paper, which reported this week that Ratner is about to ask for more subsidies in light of his recent admission that the project is in trouble.

The Post’s analysis was based on real-estate lawyer Michael D.D. White’s review of all the tax-abatement programs and direct subsidies that Ratner has sought or will seek to keep his mega-project afloat

A spokesman for Forest City Ratner told the Post that it was premature to speculate on the full cost of the public subsidies because the developer has not applied for all of them yet.

©2008 The Brooklyn Paper

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