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January 10, 2009
AY "on last legs," as per James? Well, Crain's editorial director says "nothing's for certain," points to March decision date
Atlantic Yards Report
The headline summarizes it all as AYR asks why Greg David, Crain's New York Business Editorial Director, asserts that March is a deadline:
David continued, "Having said that, there are a series of legal challenges pending at the appellate courts in New York. If those challenges are not dismissed before March, the project will be in trouble. If they are dismissed in March, the project will have a chance to go ahead if it can be financed. A year ago, it could've been financed. Can it be financed today? I have no idea."David didn't explain why March is the deadline. Parent company Forest City Enterprises has a loan on footprint property with Gramercy Capital due in February. Perhaps that can only be renegotiated with a short horizon in sight? And would attorney George Locker's assertion that new lawsuits would cause further delay affect that March deadline?
And what of David's comments about the "imaginative campaign" vs. traditional journalism?
Let's take a look at what David called "one of the most imaginative campaigns... that I've ever seen." Develop Don't Destroy Brooklyn has raised money for multiple lawsuits, helped stage rallies, and maintained a very active web site, blog, and mailing list. The Council of Brooklyn Neighborhoods has coordinated a wider range of concerned groups, in responding to the environmental review.
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What about AYR? I don't practice traditional journalism, given that this blog mixes reportage, analysis, and commentary, and I used to say I wasn't neutral. But neutrality can be code for "the mushy middle" and, with Atlantic Yards, it's important to analyze the facts.
Posted by amy at January 10, 2009 2:06 PM