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May 23, 2008

Bay Ridge’s Atlantic Yards?

The Brooklyn Paper
by Ben Muessig

Congratulations Bruce Ratner, Atlantic Yards is now the poster project for stalled over-a-railyard development!

A developer’s controversial plan to build a Home Depot above a railyard on the border of Sunset Park and Bay Ridge has been abandoned until the economy rebounds.
...

Kohen’s development joins a number of higher-profile projects that have stalled in the aftermath of the sub-prime mortgage crisis.

Bruce Ratner has struggled to save his ailing Atlantic Yards project near Downtown Brooklyn. The cost of the basketball arena has more than doubled to $950 million, an anchor tenant has not come forward for the iconic Miss Brooklyn tower, and the developer now says only one of his original 16 skyscrapers remains in the once $4-billion plan.

And this week, developer and mayoral candidate John Catsimatidis announced that he had eliminated affordable units in his 660-unit project on Myrtle Avenue in Fort Greene because of the credit crisis.

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Posted by eric at May 23, 2008 2:28 PM