« Forest City Closes on Largest Construction Financing in Company History – $630 Million Loan for Ridge Hill Mixed-Use Project in Yonkers | Main | Flashback, 2000: the borough president criticizes the mayor over a sports facility »
August 21, 2007
Does Atlantic Yards survive....
Brooklynian
From an online conversation (link) about the mortgage-backed security fiasco/liquidity crunch and how it might affect Bruce Ratner's controversial Atlantic Yards plan:
"Dr F" gets the conversation going with a warning of a downturn in the luxury condo market:
Bottom line for NYC...I think...is that a huge amount of the money that has been supporting the NY real estate market, and all the building and condo development that has been going on...is about to dry up.
Au contraire mon frere says "DoctorJ":
Demand for condos in Manhattan and in and around Brownstone Brooklyn continues, due to rising population, with prices rising slowly. FCR isn't a subprime borrower, and the project will proceed more or less on course
"That Yarn Guy" has a friend who sez:
The Feds stepping in is a bad sign that was only done to prevent people from over-reacting and the market should be able to correct itself (over a long adjustment period).
"Dr F" gets back in the action:
As far as FCR. They are certainly no Kara, Beazer or Standard Pacific but it is also difficult to tell how strong they are. They're 10Q's are murky at best and you can't get any read on how thier other projects may be working out. Do you know how Stapleton is going? The commercial part looks done but I can't get a good read on the residental.
It is interesting to hear what others think.
Posted by lumi at August 21, 2007 8:54 AM