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December 6, 2008
Documents Show Ratner Has Voluntarily Stopped Work and Has an MTA Deadline Coming Up
Develop Don't Destroy Brooklyn
We believe the stoppage is due to a cash flow problem for the "developer" of the Atlantic Yards project. This is likely true. But, additionally, Oder uncovers a fascinating detail while examining Ratner's work timeline submitted to the Empire State Development Corporation and other documents related to the Ratner/MTA rail yard deal. (See emphasis added in Oder article below.)The detail does suggest that the work stoppage could also be due to MTA concern about actually receiving the low-ball $100 million Ratner agreed to pay for the rail yard, and potential ongoing renegotiation of that deal. Yesterday's Daily New article quoted MTA spokesman Jeremy Soffin alluding to, perhaps, renegotiation—"Closing on the sale of the Vanderbilt Yards has been delayed as the parties work through a number of issues, including outstanding litigation." (Emphasis added.)
The detail also suggests that in ten weeks the MTA could (note, we're not saying would) walk away from the deal to sell the rail yard to Ratner.
Posted by amy at December 6, 2008 10:31 AM