Ratner can acquire AY land in stages

The Empire State
Development Corp. voted to amend the Atlantic Yards project’s plan so
that the site can be acquired and paid for in stages. Although the entire
modified plan hasn’t been publicly disclosed, the ESDC
said it allows developer Forest City Ratner to acquire the 22-acre site
in stages instead of all at once, and that Ratner would first take
possession of the parcel that will hold
the arena, parking and four towers. The vote kicks off a 30-day public
comment period on the changes to the $5 billion project. Yesterday, the MTA said it would allow Ratner to
stretch out the payment of $100 million over two decades instead
of paying it in one lump sum.