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June 2, 2011
Ratner says in Bloomberg interview that $100M financing for first tower is coming; no word on whether it would be modular
Atlantic Yards Report
I'm coming a bit late to Bruce Ratner's interview (and article) on Bloomberg, but here's the gist: Ratner expects to get a $100 million loan for the first tower, and that work should start around the end of the year.
Unmentioned is whether it would be modular and thus save big bucks. (As the New York Observer pointed out, $100 million seems small for that size building.) Unmentioned is whether Ratner is still seeking additional subsidies, which the city has denied. Unmentioned is the history of delays with this tower.
Related coverage...
NY Observer, First Atlantic Yards Tower Coming This Winter, Will It Be Prefab?
Bruce Ratner went on Bloomberg yesterday to discuss the state of the local economy and progress at Atlantic Yards. During the interview, he said he expects to break ground on the first apartment tower at the site by December or January.
That is pushing Ratner's promise made last fall to have the tower under construction sometime this year. He also promised renderings in the first half of the year, but here we are in June. Could this further undermine the blown 10-year timetable for the project?
Who cares, because everyone is cheerleading for the new basketball arena, even this Bloomberg reporter.
Posted by eric at June 2, 2011 4:54 PM