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April 3, 2011
Sellout! Ratner hawks half of his malls to raise $ for A’Yards
The Brooklyn Paper
By Aaron Short
One reason that developer Bruce Ratner needs 25 years to build Atlantic Yards might be that he hasn't got enough money to build the project.
Cash-strapped developer Bruce Ratner is selling half his stake in two of the borough’s largest shopping centers as he struggles to begin his $4.9-billion Atlantic Yards project across the street.
Ratner sold 49-percent shares of Fort Greene’s Atlantic Center and Atlantic Terminal Mall and 13 other projects to an international real estate investor for $172 million last week.
A spokesman for the company said that the sale would have “no direct bearing” on the delayed mega-development, which is supposed to consist of 16 residential and office towers, plus a basketball arena, but currently only features the under-construction sports facility.
Posted by steve at April 3, 2011 10:27 PM