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January 30, 2008
Ratner Says Legal Delays Could Jeopardize Atlantic Yards Financing
Ratner Says Legal Delays Could Jeopardize Atlantic Yards Financing
Brooklyn Daily Eagle
By Sarah Ryley
Atlantic Yards developer Forest City Ratner Companies acknowledged publicly for the first time, in an affidavit filed Friday, that delay caused by lawsuits could jeopardize the project’s financing. According to a financial expert, the company’s concern has merit.
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A.J. Carter, spokesman for project sponsor Empire State Development Corporation, said the financing for the arena has not been committed. According to the General Project Plan, the basketball arena would cost $637 million to build.“The banks are closed. Nobody’s financing real estate, nobody is financing [Leveraged Buyouts],” said a prominent hedge fund manager in the bond market who asked not to be named. “There is a real credit crunch, the worst I have seen since 1987.”
Posted by lumi at January 30, 2008 5:51 AM