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February 21, 2007

Forest City Works, But Does Not Own

The Real Estate Observer

Reporter Matthew Schuerman confirms that Ratner is starting work on the Vanderbilt Railyards before actually closing the deal with the MTA:

Forest City Ratner still does not own the 8-acre rail yard that will form the backbone of its Atlantic Yards project, but that did not keep the company from starting "preparatory work" on Tuesday.

The developer agreed to buy the property from the M.T.A. back in September 2005 for $100 million, but there are some "technical issues" that have yet to be resolved before closing the deal, M.T.A. spokesman Sam Zambuto told The Real Estate.

"At this point, there is no time-frame set for closing the deal," he said.

Though the deal hasn't closed, and the MTA claims that there is no timeframe, the MTA spokesman called back to add that there is nothing in the deal that would preclude both parties from closing before lawsuits were resolved.


Posted by lumi at February 21, 2007 8:21 AM