Atlantic Yards — The Promises and the Reality

Here comes another dispatch from Norman Oder, an experienced watcher of the ups and downs — mostly downs — of the Brooklyn Atlantic Yards redevelopment project. This time he writes for Reuters.com, and his article, Brooklyn’s Vaunted, Tainted Barclays Center, December 14, 2012. Check it out. http://blogs.reuters.com/great-debate/2012/12/14/brooklyns-vaunted-tainted-barclays-center/

The botom line is that the city has lavished accommodations on the redeveloper, and the timeline for completion of the project has grown from 10 to 25 years. But all there is so far, is the Barclays basketball arena. Your tax money at work.

An odd afterthought. We doubt that there is any connection between the two, but today’s New York Times (Dec. 14, 2012, at p. B10) reports that Barclays Bank bonds (7.625s of ’22) are selling just below par (99.5) with a current yield of 7.697, which doesn’t sound very good given prevailing interest rates.

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