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December 25, 2008
It Came from the Blogosphere
A number of sources picked up on yesterday's Daily News story about a meeting in which an Atlantic Yards update was given to elected officials by Forest City Ratner.
MyDealBook, News Pearls: Debt in your stocking? more…
Now the troubled Atlantic Yards mega-development is turning wine into water…no, actually, condos into rentals…according to Jotham Sederstrom of the Daily News. Forest City Ratner informed the City and state of the new plan on Monday, the paper reports.
Odwet.com, Delay for Atlantic Yards’ Condo Plan
After work was abruptly stopped at the construction site earlier this month, another delay for the Atlantic Yards project has been announced. The Daily News reports that “Forest City Ratner officials told city and state officials at a private meeting on Monday it would shift focus away from pricey condominiums in favor of rental apartments during the first phase of construction.” About 900 rentals will be put in space originally meant for condos and commercial space. City Council David Yassky said, “Going rental is consistent with what other developers are doing elsewhere. That’s just what the market is dictating.” So, does that mean Frank Gehry will rehire some staff to design the rental units?
PlanNYC, Atlantic Yards Condos Instead Will Be Rentals
Atlantic Yards developer Forest City Ratner has decided to delay 900 condominiums. Citing the failing economy as cause of the delay, the developer will instead focus on creating 900 rental units in three towers. The shift has raised questions as to the status of the project's planned 1,950 condominiums. Assemblyman Hakeem Jeffries said that he views the delay as an opportunity to focus on affordable housing. Alternately, Councilman David Yassky said that he believes that Atlantic Yards will not go forward and that taxpayer money designated for it should be returned.
Gothamist, Delay for Atlantic Yards' Condo Plan
After work was abruptly stopped at the construction site earlier this month, another delay for the Atlantic Yards project has been announced. The Daily News reports that "Forest City Ratner officials told city and state officials at a private meeting on Monday it would shift focus away from pricey condominiums in favor of rental apartments during the first phase of construction." About 900 rentals will be put in space originally meant for condos and commercial space. City Council David Yassky said, "Going rental is consistent with what other developers are doing elsewhere. That's just what the market is dictating." So, does that mean Frank Gehry will rehire some staff to design the rental units?
HoopsVibe.com, Economy to Delay Move of Nets to Brooklyn
The crumbling economy has forced the developer of the controversial Atlantic Yards project to indefinitely delay as many as 900 condominiums and the project’s glitzy centerpiece. With the condo market tanking, Forest City Ratner officials told city and state officials at a private meeting on Monday it would shift focus away from pricey condominiums in favor of rental apartments during the first phase of construction.
"Going rental is consistent with what other developers are doing elsewhere," said Councilman David Yassky (D-Brooklyn Heights), who attended the meeting. "That’s just what the market is dictating."
The new plan calls for creating approximately 900 rental units in three towers formerly planned for condominium and commercial space, said several officials who attended the meeting at the Empire State Development Corp. office in lower Manhattan.
A combination of affordable and luxury rental apartments would be offered under the new plan, the officials were told.
Posted by steve at December 25, 2008 9:00 AM