« Forest City Enterprises face criticism over proposed mall development | Main | Brooklyn neighborhood faces uncertain future »
April 21, 2005
Ridge Hill Sale Dies in Albany
The Journal News
Forest City Ratner's attempt to build a village in Yonkers was dealt a serious setback as the deadline passed for approval by the state's Public Authorities Control Board. The approval was held up as project supporters were trying to gain support of key Albany lawmakers. Westchester Assemblyman Richard Brodsky "was insisting that all of $6.2 million in annual lease payments from Forest City Ratner Cos., the Brooklyn developer seeking approvals to build $600 million worth of housing, retail and hotel development at the 81-acre site, go directly to the city for its cash-strapped schools, rather than to Ridge Hill Development Corp., the entity created by the IDA that controls the site through a long-term lease."
Posted by lumi at April 21, 2005 7:49 AM