Crucial court ruling on AY eminent domain expected soon
November 18, 2009 01:00PM
Bruce Ratner
A New York Court of Appeals ruling on the use of eminent domain in securing land for the controversial Atlantic Yards development is expected as early as tomorrow. The ruling could prove pivotal for developer Bruce Ratner's project, which has drawn fervent supporters and detractors through its long process of deliberation. The timing of the ruling is significant for Ratner, who is racing to beat a Dec. 31 deadline in order to receive tax-exempt status on $600 million in bonds and to commit Barclays and the New Jersey Nets for the project. [Bergen Record]
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance or advertisements. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments
Anonymous
Bruce Ratner is turing out to be a loser. After begging the Russians to bail him out, this whole gamble comes down to a court decision which will be appealed. It will continue to drag on for another 18 months , where he will lose the Russian billionaire, beg Bloomberg some more, and not have the ability to lose he lost big time in this poker game. The project will not receive tax exempt status, and he will not realize it is time to throw the towel in. But whine and whine about an idiotic plan.
Comment #1 Posted By: Anonymous 11/18/09
Anonymous
So it turns out he doesn't have the money to do it himself. Even with Bloomberg offering tax incentives. Why not just ask Bloomberg to finance the whole project and just build middle income housing. Rattner should step aside. Or better yet, let the Rat get out of the way, and invite the Chinese to build in the same area a replica of modern Shanghai. Overnight it will be sold out.
Comment #2 Posted By: Anonymous 11/18/09