The Real Deal New York

 
Trouble on Wall Street could affect Forest City Ratner’s Atlantic Yards project. One of the project’s financers, and the namesake of the Nets arena, Barclays Bank, is surviving the financial crisis (and possibly acquiring part of Lehman Brothers), but financing is not slated to be set until November. Building One in the project also still needs an anchor tenant, which is a hard sell in the current economic climate. The federal Treasury Department, busy with government buyouts and bailouts, is also still debating whether Ratner can use PILOTs (payments in lieu of taxes) to pay off bonds.