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January 26, 2009
HOOP-LA DIES IN B'KLYN
NY Post
by Rich Calder
So this is the biggest project in Brooklyn?
The reeling Atlantic Yards project has come a long away from the spectacular glass-and-steel arena designed by star architect Frank Gehry and surrounded by 16 monolithic brick, glass-and-steel high-rises - but seemingly in the wrong direction.
...
A rendering [original aerial photograph by Jonathan Barkey] commissioned by The Post shows a significantly scaled-back version of the controversial $4 billion project by developer Bruce Ratner, which is now on hold indefinitely because of both the credit crunch and anti-project litigation.
...Earlier this month, Ratner confirmed he's trying to scale back costs on the Gehry-designed, $950 million arena, to potentially save hundreds of millions of dollars.
Markowitz followed that announcement with a call for a downscale "brownstone" facade for the arena - which Ratner said he would consider.
Most of the rest of Atlantic Yards is expected to be on hold for many years - or until a cash-strapped Ratner comes up with enough money to build.
A $153 million loan Ratner took out with Gramercy Capital to buy land for the plan has risen to $177 million with interest and is due next month.
Although Gramercy has seen is stock dramatically decline in recent months, Ratner is trying to get an extension.
Ratner, according to sources, is also in talks with Metropolitan Transportation Authority about cutting costs on a $445 million transit-improvement plan he promised in 2005 for the Vanderbilt Rail Yard in order to receive a green light from the state for Atlantic Yards.
"With its substantial legal and financial obstacles, the Atlantic Yards proposal is on life support," Goldstein said. "It is time for the Paterson Administration to pull the plug.
NoLandGrab: We've been unable to confirm rumors that Ratner has asked Develop Don't Destroy Brooklyn to "lay off a little," along with a request for advice on "good bake-sale locations."
Posted by eric at January 26, 2009 10:29 AM