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April 2, 2008
Atlantic Yards heads to Supreme Court
Eleven property owners and tenants filed a petition this week asking the U.S. Supreme Court to hear their eminent domain appeal
Crains New York Business
by Kira Bindrim
More coverage of yesterday's filing of a petition for a writ of certiorari in the eminent domain case Goldstein v. Pataki.
The legal battle over Atlantic Yards is coming up on its second anniversary. Plaintiffs filed their original complaint in October 2006 and have since worked their way up the legal food chain.
Those delays have proved disadvantageous for Forest City. Earlier this week, the Manhattan-based developer reported fourth-quarter earnings of $91.2 million, or 85 cents per share, down 15% from $107.6 million, or $1 per share, in the fourth-quarter of 2006. Revenues for the quarter were $406 million, up from $348.3 million last year. Critics of the project are questioning whether financing difficulties will result in Forest City nixing all Atlantic Yards development beyond the stadium.
Additional Coverage:
New York Post, 'YARDS' CASE TO SUPREMES
NY Daily News, Residents being displaced by Atlantic Yards ask Supreme Court to hear case
Posted by eric at April 2, 2008 11:27 AM