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April 2, 2005
Holdout Sells to Developer of Brooklyn Arena Project
From the New York Times:
The developer Bruce C. Ratner removed a potential obstacle to his proposed $2.5 billion sports and housing complex at the Atlantic Yards in Brooklyn this week by agreeing to buy two buildings owned by a rival developer who had vowed to block his plans.Mr. Ratner's Forest City Ratner Companies agreed on Thursday to pay $44 million to Leviev Boymelgreen, a Brooklyn-based development company headed by Shaya Boymelgreen, which owns the two commercial properties, including a former bakery, at 800 Pacific Street and 546 Vanderbilt Avenue.
...
The purchase of Mr. Boymelgreen's property is not the last hurdle that Mr. Ratner must clear. Holdouts among other building or apartment owners may force condemnation proceedings. In addition, approval for the project is needed from the state's Public Authorities Board and from the transportation authority to buy or lease the railyards.
Posted by amy at April 2, 2005 1:11 AM