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April 1, 2008
Forest City disclosures: AY delayed, risky, depends on more subsidies
Atlantic Yards Report
Forest City Enterprises, parent of Forest City Ratner, has issued its FY 2007 financial results, and the accompanying press release and Form 10-K report to the Securities and Exchange Commission offer some important clues about the progress and future of Atlantic Yards, namely:
- There's no real timeline for the arena, since the developer no longer predicts an opening date
- More public subsidies likely will be sought for the project to come to fruition
- The developer is more strongly emphasizing the risks to the project
That said, Forest City isn't exactly coming clean about the stall reported on the front page of the New York Times on March 21. But a close reading offers clues.
Posted by lumi at April 1, 2008 6:28 AM