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April 28, 2008
Real Estate Slump Hits New York
Gotham Gazette
By Steven Josselson
Congratulations Bruce Ratner, your Atlantic Yards scheme is now the poster-project for the local real estate slowdown:
In recent years, few issues have divided residents of Downtown Brooklyn more than the $4 billion, 22-acre Atlantic Yards project being developed by New Jersey Nets' owner Bruce Ratner. Ratner's company Forest City Ratner is in a deal with the city and state to develop a high-rise commercial office tower, affordable housing units and a basketball stadium, the Barclays Center, in the heart of Downtown Brooklyn in just a few years.
Local community groups and residents, concerned that such a large-scale development in a partially residential area could harm their quality of life and change the neighborhood's character forever, have been attempting to stop the project in its tracks through litigation, seeking to influence public opinion and pressure decision-makers in City Hall and Albany to reconsider the project's risks.
While these concerted efforts have proven unsuccessful, integral components of the development have now been put on hold for an indeterminate period of time -- not because of public outrage, but rather due to increasing construction costs, a slowing economy sliding toward a recession and a tightening credit market.
To different degrees, the very same economic challenges facing Atlantic Yards are impacting real estate projects both big and small throughout the five boroughs.
NoLandGrab: Though Daily News columnist Errol Louis derides those of us who spend our free time pointing out anything that locates Atlantic Yards in "Downtown Brooklyn," as developer Bruce Ratner would have you believe, instead of "Prospect Heights," where it is actually located, we can't seem to stop. It's a no-brainer and thus, just about our speed.
Seriously, the tip-off to the author should have been the description of the neighborhood as a "partially residential area."
Posted by lumi at April 28, 2008 4:36 AM