The Real Deal New York

With final papers filed, Ratner’s AY deal closes

December 23, 2009 02:06PM


From left: Bruce Ratner of Forest City Ratner Companies and opponent Daniel Goldstein, a spokesperson for Develop Don’t Destroy Brooklyn

Developer Bruce Ratner announced this morning that he has officially closed on the Atlantic Yards project. The closing indicates the issuance of bonds and execution of real estate documents, including leases, financing and purchase agreements, has been completed, according to a press release sent today (see the release below). The company also indicated that the construction on the Barclays Center and parts of the Atlantic Yards project site has begun. “Today, what has long been a vision for the future of Brooklyn becomes a reality,” Ratner said in a written statement. “Six years after we announced our plan for Atlantic Yards we are very pleased to be closing on the project with our public partners,” including the Metropolitan Transportation Authority and the Empire State Development Corporation. Neighborhood advocacy group Develop Don’t Destroy Brooklyn, which emerged early on as a key opponent to the project, did not share the Forest City Ratner Companies CEO’s enthusiasm. In a press release sent today, the organization said it plans to fight the removal of residents from their homes through eminent domain and added that there are still legal challenges to the Atlantic Yards development that could still effectively halt the project’s construction. “Ratner’s project will never produce the benefits the developer and the ESDC have lied about for years, and should it go forward the governor and other project supporters will rue this day,” Daniel Goldstein, Develop Don’t Destroy Brooklyn’s spokesperson, said in the release. Mayor Michael Bloomberg released a statement later in the day saying he was delighted with the latest development in the Atlantic Yards project. The construction of the facility will create lasting employment opportunities, Bloomberg said in a written statement, something that the neighborhood is in need of during the rough economic climate. “While the rest of the country wrings its hands about the national recession, we’re building our way out of it,” Bloomberg said. “The $4.9 billion Atlantic Yards project — the most extensive development ever undertaken in Brooklyn — is moving forward, bringing thousands of units of housing and thousands of jobs for New York City’s middle class.” TRD

Atlantic Yards Press Release 12.23

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