The Real Deal New York

No more public funding for AY

May 21, 2009 12:11PM

Mayor Bloomberg said yesterday that the city will not subsidize the Atlantic Yards project with more public money. The city has already agreed to spend $230 million on infrastructure and land acquisition for the project. Financing has been difficult for the Forest City Ratner project, where groundbreaking had originally been planned for October. The developer’s parent company’s stock has fallen in value and Forest City has already halted construction on one residential tower.

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