ESDC Releases Atlantic Yards Projections

Stop what you’re doing: The Empire State Development Corporation has released its financial projections for the Atlantic Yards project! Brownstoner has them, and, apparently, they conform to the speculation of project opponents:

“[A]t first glance they do not paint as profitable a picture as many opponents suspect, generating a mediocre [internal rate of return] of 9.6 percent. The biggest thing that jumps out at us is that they show that Forest City Ratner is planning to cash out out most of the pieces of the project in 2015.”

– Tom Acitelli