The twice-stalled proposal to award $41 million in bonds to a pair of unusually expensive affordable apartment towers on Manhattan’s East Side got final state approval last month when we weren’t paying attention. So let’s play catch-up.
The three-vote Public Authorities Control Board approved the application by the Atlantic Development Group at its last meeting June 21. Critics had succeeded in postponing the vote twice, saying that the $800,000 a unit cost was too high.
“I think our issues were valid,” said state Senator Liz Krueger, who had objected to the application. “Only Shelly Silver, Joe Bruno and the Governor had a vote on the PACB, and with the exception of the West Side Stadium, there are not too many times where you win once it has gotten that far.”