Land Development in Brooklyn
Group 1 “See”
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Nick Vincenzo
Samra Sahar
Sean McHugh
Adewale Osinono
Michael Lombardo
James Lamberti
Atlantic Rail Yards
• In 2005 Bruce Ratner, owner of the New Jersey
Nets and partner in Forest City Ratner LLC, a real
estate development firm bought the Atlantic
avenue rail yard from the MTA.
• The deal was for 8.3 acres of land in Park Slope,
Brooklyn for $100 million dollars.
• The centerpiece of the development is a proposed
arena to house the NBA’s New Jersey Nets.
• The plan also calls for the construction of 17
buildings with the purpose of providing living
space as well as commercial offices and recreational
areas.
Atlantic Rail Yards
• The site is located between Flatbush and
Atlantic avenues in the Park Slope section of
Brooklyn.
• The intention of the project is to revitalize
downtown Brooklyn by generating new
business and provide affordable housing.
Economic Factors
• The development of the Atlantic Rail yards is a
multi-BILLION dollar project.
• The proposal includes $345 million dollars to
renovate The Atlantic Avenue terminal. Also
included is $450 million dollars for the arena to
house the Nets.
• The development will be partly funded by $555
million dollars in tax exempt bonds.
• New York City an New York State have pledged
$100 million dollars each to aid in the funding for
the project.
Political Factors
• This development proposal will be a hotly debated
topic that will garner extensive media coverage
prior to the Mayoral election.
• The project will also be a controversial point in the
Mayoral Race.
• Fernando Ferrer has stated “Not a single public
dollar should pay for construction of the site”
• City Council member Letitia James announced that
new legislation would restrict the city’s ability to
declare eminent domain.
Cultural Factors
• The development of the Atlantic rail yard in
Brooklyn would revitalize and reinvigorate a once
bustling downtown area.
• The construction of a new arena would give
Brooklyn its first professional sports franchise since
the Dodgers moved to Los Angeles.
• The proposal would provide affordable housing as
well as office space.
• The potential tax revenues produced by the
development could amount to billions of dollars
over the next 25 years.
Social Factors
• Currently there are numerous families and small
businesses living and operating in the area of the
proposed site. What will happen to them?
• There is an enormous amount of money involved in
this deal which includes taxpayers money. Are
taxpayers going to agree on the allocation of how
their money is used?
• Is Brooklyn ready for development of this
magnitude?
• Is the law of eminent domain being followed in an
ethical manner?
Eminent Domain
• The authority of the government to
take private property for public use,
with compensation to the owner in
return.