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February 2, 2008
CHANGING NYC: As costs grow, New York's grand plans shrink
AP via AMNY
DAVID B. CARUSO
Forest City Ratner, the company preparing to build blocks of new skyscrapers in Brooklyn, anchored around an NBA basketball arena, recently suggested that the protracted court battle over the $4 billion project could compromise its financing."The credit markets are in turmoil at this time," Andrew Silberfein, the company's finance director, said in a court affidavit. "There is a serious question as to whether, given the current state of the debt market, the underwriters will be able to proceed with the financing for the arena while the appeal is pending."
Later, Forest City officials sought to dispel any idea that the Frank Gehry-designed Atlantic Yards project is in trouble, saying the court filing was intended to persuade a judge to resolve the legal dispute quickly.
Posted by amy at February 2, 2008 12:52 PM