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September 11, 2008
Atlantic Yards Groundbreaking In December
The NY Sun recapped yesterday's NY Times article with this blurb for the Real Estate Week in Review:
The developer Bruce Ratner has told state and city officials that he plans to break ground in December on his long-delayed $4 billion Atlantic Yards project in Brooklyn, which will include apartments and offices in 16 towers built around a basketball arena for the Nets, the New York Times reported. Mr. Ratner, chairman of Forest City Ratner; his bankers at Goldman Sachs, and the commissioner of the National Basketball Association, David Stern, also met last week with bond-rating agencies to discuss the proposed financing for the $950 million arena. The financing plan for the arena, to be known as Barclays Center, is dependent on winning court challenges and a favorable ruling by the Treasury Department that would allow Mr. Ratner to use tax-exempt bonds. If he is barred from using tax-exempt bonds, his costs would increase substantially for what would already be the most expensive arena in the world. Mr. Ratner has asked government officials recently for as much as $100 million in additional cash for the project, citing rising costs and problems in the bond markets.
Posted by lumi at September 11, 2008 4:20 AM