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December 11, 2008
Atlantic Yards will go up . . . when economy does
NY Daily News
by Erin Durkin and Jotham Sederstrom
Top brass behind Brooklyn's Atlantic Yards project insisted Wednesday the $4.2 billion project would survive the crumbling economy - but conceded there will likely be further delays and didn't have a construction time line.
"I think we can successfully delay until we are prepared to start [the project]," Forest City Enterprises President Charles Ratner told investors just hours before the price of the company's stock fell 15%, to $7.02 a share.
"I can't tell you in this market when that can be. How long?" Ratner said. "I don't know."
...The gloomy forecast comes on the heels of a decision to halt construction at the site until a lawsuit challenging the use of eminent domain is settled early next year.
NoLandGrab: The Daily News continues to cling to the fallacy that Forest City stopped work on the Vanderbilt Yard due to lawsuits, even while FCE CEO Chuck Ratner was admitting otherwise.
Posted by eric at December 11, 2008 10:16 AM