Future unclear for Atlantic Yards

December 17, 2008 08:18AM

With the financial crisis swallowing planned developments in the city,
there is a question about whether Forest City Ratner will be able to
build the Atlantic Yards project. Forest City executives insist they
are committed to the project and will move forward after the lawsuits
against the project are settled. However, according to some sources
familiar with the project, Forest City Ratner is scrambling for extra
money, trying to delay tens of millions of dollars in payments and speed up money
it is owed by public entities. Forest City Enterprises, parent company
of Forest City Ratner, has seen a 92 percent drop in stock value this
year and recently announced that it was suspending all new development except Atlantic Yards.

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