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May 15, 2008
JPMorgan sees Bear's Midtown NY site saving $3 bln
Reuters
In an article about JP Morgan's savings on real estate after the acquisition of Bear Stearns, Bruce Ratner's controversial Atlantic Yards project is cited as an example of the effects of the commercial real estate downturn:
New York City's real estate market is slowing as financial companies lay off tens of thousands of workers and developers find bank loans harder to get and more costly. The withering credit has already delayed mega-projects including Brooklyn's Atlantic Yards and Midtown Manhattan's Hudson Yards.
Posted by lumi at May 15, 2008 5:33 AM