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February 2, 2008
Frank Gehry and developer Forest City Ratner’s massive Atlantic Yards project in Brooklyn could fall victim to the credit crisis
Architectural Record
Bruce Ratner is apparently having difficulty securing the $4 billion needed to begin construction on the 22-acre project, which encompasses 16 residential and commercial buildings—including a 620-foot-tall skyscraper that Gehry dubbed “Miss Brooklyn”—as well as an 18,000-seat arena for the Nets basketball team. Goldman Sachs is reportedly in line to be the lead underwriter on several hundred million dollars of bond financing for the arena portion of the project. The Post reported that court papers “reveal for a first time that the biggest development in Brooklyn’s history is in jeopardy because of dragging litigation and a slumping fiscal market. ‘The credit markets are in turmoil at this time. ... 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,’ one affidavit says.”
Posted by amy at February 2, 2008 12:26 PM