« Blowing the Whistle, or Something | Main | Packin' Up? »
December 17, 2008
NY MTA: Still sees $1 bln from Brooklyn's Atlantic Yards
Reuters
Reporting by Joan Gralla; Editing by Dan Grebler
So much for fact checking (that's so "old media"); Reuters is reporting that Atlantic Yards developer Bruce Ratner is paying $1 billion for the Vanderbilt Railyard.
It's a Christmas miracle — just last week, Ratner was on the hook for a mere $100 million.
NEW YORK, Dec 17 (Reuters) - The New York Metropolitan Transportation Authority said on Wednesay it still expects to receive $1 billion in revenue from Brooklyn's Atlantic Yards development, a major project to be built on one of the agency's rail yards.
The Brooklyn project includes offices, apartments and a new basketball arena for the New Jersey Nets basketball team. But its future, first clouded by legal disputes, is now clouded by the difficulty of getting real estate loans.
MTA Chief Financial Officer Gary Dellaverson told reporters after a board meeting: "We don't have any current concern with respect to the $1 billion" the agency hopes the project will contribute to its capital plan.
The project has been delayed by law suits and other issues. But the last court challenge based on the use of "eminent domain" could be decided in state court in the next six months.
Atlantic Yards developer Bruce Ratner, of Forest City Ratner Co (FCEa.N: Quote, Profile, Research, Stock Buzz), said he remained confident despite the worst financial crisis since the Great Depression.
MTA Executive Director Lee Sander declined to comment when asked about a report in the Observer that said Ratner sought to delay paying the agency $100 million when the project closes.
Posted by lumi at December 17, 2008 7:25 PM