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May 20, 2009

When it came to the railyard work stall in December, the ESDC was more enabler than evaluator

Atlantic Yards Report

Norman Oder continues to place evidence on the table that Forest City Ratner, not the Empire State Developerment Corporation, is not only calling the shots, but is giving out the marching orders:

[W]hen work stalled in December at the Vanderbilt Yard, the developer blamed lawsuits, and the ESDC endorsed that explanation.

"The latest I have is that they’ve done all the preliminary work they can complete until the lawsuits are taken care of," ESDC spokesman Warner Johnston told me. "The work will resume when litigation is resolved." His source: "our people who work with FCR."
...
However, that ignored sworn affidavits by Forest City Ratner officials that the construction schedule was “carefully drawn to allow the arena to be ready for the 2009-10 season by commencing work now on vacant properties that are owned by FCRC, the MTA and the City, with work on properties that are owned or occupied by other parties deferred until the pending judicial challenges to the Project have proceeded....”

article

NoLandGrab: What the ESDC spokesperson was not instructed to say was that FCR might be running into a cash-flow problem and had to suspend work while the company was "proactively managing debt maturities."

Posted by lumi at May 20, 2009 6:39 AM