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April 24, 2008
MTA Chief 'Concerned' About $100M Owed for Atlantic Yards
The Real Estate Observer
By Eliot Brown
Metropolitan Transportation Authority executive director Lee Sander seems a bit uncertain about the $100 million that developer Forest City Ratner owes the agency for Brooklyn’s Atlantic Yards project. He had this to say earlier this month in a capital program “webinar” (no, we don’t quite know what that word is either), responding to a question about the MTA’s current capital plan:
There is $100 million associated with the sale of Atlantic Yards, and many of you have read in the newspapers some of the difficulty Forest City is having with that development, so hopefully that will proceed, but we want to make sure that that happens—but we’re concerned about that.
A spokesman for Forest City, Loren Riegelhaupt, said the $100 million would indeed go to the MTA later this year, once the company closes on the deal.
Posted by lumi at April 24, 2008 5:29 AM