April 3, 2006
Market forces driving configuration of Atlantic Yards?
Forest City Ratner's announcement on Friday that the number of luxury condos has been reduced by 440 units may have as much to do with market forces as community opposition to the density of the plan.
Ratner previously converted 1.54 million square feet of office/commercial space to luxury condos. He has reserved the option to change this back (Draft Scope, page 2).
With promises to rebuild Lower Manhattan, Ratner knows that there isn't a market for millions of square feet of office space at Atlantic Yards.
And now, with hundreds of premium-priced signature starchitect-designed units sitting on the market, and more on the way, Brooklynites have to wonder if there is a market for Ratner's latest vision - and if not, then what?
Posted by lumi at April 3, 2006 9:31 AM