Suit filed over Atlantic Yards timeline

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Another lawsuit has been filed against Bruce Ratner’s struggling Atlantic Yards project in Brooklyn, challenging the 12 years that Ratner has to complete the project’s first phase and an unlimited time to finish the rest of the $4 billion development. The suit was filed in State Supreme Court in Manhattan on behalf of 13 tenants whose apartments could be taken by eminent domain. The project’s state sponsor, the Empire State Development Corporation, agreed to Forest City Ratner’s timeline, which the suit says violates the state’s eminent-domain law. The law says seized property must returned to its previous owner if it is not “materially improved” within 10 years. Last week, The Real Deal
reported that Ratner has been approached by several New Jersey
investors and public officials to relocate the Nets to the Prudential
Center in downtown Newark.  

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