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March 22, 2008
Ratner arena costs skyrocket
The price tag of Bruce Ratner's controversial Brooklyn arena has been steadily rising since the project was first announced: starting at $435 million, tweaking upward to $555.3 million and then creeping up to $637.2 million when the project was officially approved.
This week, Ratner gave no explanation to The NY Times when he divulged that the cost of the arena has ballooned to a whopping $950 million, more than twice the original projection and a figure suspiciously just shy of the magic $1 billion threshold.
The cost of the arena has also mysteriously outpaced construction inflation in NYC, which is reported to be around 8%.
Posted by lumi at March 22, 2008 5:16 PM