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December 17, 2008

Breaking News: GEHRY LAYS OFF AY TEAM, RATNER CASH FLOW WOES

Two big Atlantic Yards stories broke in the last 24 hours.

BreakingNews.jpg GEHRY DISMANTLES AY PROJECT TEAM
There have been rumors during the past couple of weeks that Frank Gehry laid off or reassigned the entire Atlantic Yards design team. The Wall St. Journal Blogs finally broke the story last night.

Even though no spokesperson for Gehry or Ratner would comment, this means that Frank Gehry's studio is no longer actively working on the project. Gehry could start up again if and when the project begins moving forward, but as of this time, the project is realistically on hold.

CASH FLOW WOES
All signs have been pointing to the conclusion that Atlantic Yards developer Forest City Enterprises is experiencing cash flow problems.

Based on multiple sources, The NY Observer is reporting that Bruce Ratner is trying to renegotiate payments to the MTA for the railyard and to Gramercy Capital for a bridge loan and is pushing for the City of NY to speed up the release more of the promised cash subsidy.

Norman Oder of AtlanticYardsReport.com has something to add to both stories:
Gehry lays off staff working on Atlantic Yards
Observer breaks news that Ratner's renegotiating subsidy deals

Posted by lumi at December 17, 2008 5:59 AM