« Court upholds AY eminent domain ruling | Main | Nets arena foes lose another court case »
March 1, 2010
Judge Clears Hurdle for Atlantic Yards
City Room
by Charles V. Bagli
A justice in State Supreme Court paved the way Monday for the transfer of private land to the developer Bruce C. Ratner for his long-delayed $4.9 billion Atlantic Yards project in Brooklyn, after rejecting a challenge by local property owners to the state’s use of eminent domain.
Homeowners and business opposed to the condemnation, which was approved by the State Court of Appeals in November, had argued that the state and the developer had failed to meet the legal requirements for condemnation, which they argued would enrich a private developer rather than create a public benefit.
Justice Abraham G. Gerges, however, denied all of their motions in an 82-page decision.
The land is being seized by a state entity, the Empire State Development Corporation, and will be controlled by Mr. Ratner’s company, Forest City Ratner.
...But many of the 6,000 apartments that are to accompany the arena will have to wait. Although Mr. Ratner has pledged that at least 30 percent of the units would be reserved for moderate- and middle-income families, the developer said that it is difficult to finance residential construction in the current market. It may also take many years for a single neighborhood to absorb so many new apartments.
Posted by eric at March 1, 2010 4:32 PM