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November 20, 2008

Who's in charge? Forest City says "we control the pace" of Atlantic Yards

Atlantic Yards Report

The Empire State Development Corporation (ESDC) says the state is in charge of the Atlantic Yards timetable.

However, Forest City Enterprises (FCE), parent of Atlantic Yards developer Forest City Ratner, is telling the real estate industry that Atlantic Yards is among "Active Large Scale Projects Where We Control the Pace."

That message was within an FCE PowerPoint presentation for the 2008 NAREIT (National Association of Real Estate Investment Trusts) Annual Convention this week in San Diego. (The slides accompanied presentations made by FCE officials.)

Both the ESDC and FCE, of course, seem to be discounting the effect of pending litigation and the availability of credit and tax-exempt bonds on delay.

But the message from FCE, apparently, is that, given that the project has received government approvals, the developer is in the driver's seat.

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NoLandGrab: If FCE stock continues to tank, and credit markets remain frozen, how long before the ESDC and FCE start saying "they're in charge, not us?"

Posted by eric at November 20, 2008 8:51 AM