Atlantic Yards financial statements reveal bad math, critics say

Financial statements from the Atlantic Yards project have critics crying foul over what they call faulty accounting.The Empire State Development Corporation (ESDC), a state agency,

BROOKLYN - Financial statements from the Atlantic Yards project have critics crying foul over what they call faulty accounting.

The Empire State Development Corporation (ESDC), a state agency, released the statements Wednesday. They show profits developer Forest City Ratner is expected to make from the $4 billion project, which includes a Nets arena and other buildings. The ESDC only released the paperwork after two state lawmakers sued.

Community group Develop, Don't Destroy Brooklyn says the developer listed future assets far below the actual value. In some cases, the group says information was simply left blank. The group believes taxpayers may end up paying the price if the information is not stated correctly.

Forest City Ratner told News 12 Brooklyn it has no comment on the accusations.

Related Information:Atlantic Yards construction begins as critics call developers bullies

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