The Real Deal New York

After five years, Atlantic Yards at standstill

January 19, 2009 01:07PM

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Forest City
Ratner announced plans to build the Atlantic Yards project five years
ago, but work is at a standstill and the future of the project is uncertain. The project has to move forward this year in order for
the company to use tax-free bonds that would reduce borrowing costs by
at least $100 million. Forest City Ratner is currently attempting to
renegotiate or extend a $152 million loan that is due next month, and
is trying to lower the cost of the Nets arena, which has almost doubled
in cost. If construction doesn’t begin by the summer, it is unlikely
the arena will be ready by Forest City Ratner’s projected 2011
completion date.

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