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October 13, 2009
DDDB, Straphangers Campaign, four elected officials sue MTA, FCR to annul renegotiated Vanderbilt Yard deal
Atlantic Yards Report
Well, maybe the eminent domain case is not the only court challenge that could jeopardize the Atlantic Yards plan.
...I'll have more on this later, but here's one tidbit from the legal petition:
In effect, MTA agreed to finance 80 percent of FCR’s purchase of the Yard at a generous 6.5 percent interest rate, while Forest City Enterprises had a junk bond rating.
Posted by eric at October 13, 2009 2:23 PM