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August 10, 2011

Latest consultant's report: 370 workers on the job (fewer than Forest City Ratner's numbers); arena still ahead of schedule (but lingering schedule issues?)

Atlantic Yards Report

The jobs reality is a little different than what Forest City told the Amsterdam News.

According to the latest Arena Site Observation Report, dated 8/5/11 and based on a 6/23/11 visit and documents made available 7/25/11, the Barclays Center remains one month ahead of schedule and the transit connection remains two months ahead of schedule.

The estimate, based on cash flow, comes in a report prepared by Merritt & Harris, the real estate consultant to the arena PILOT Bond Trustee.

As I wrote 7/22/11 regarding the previous report, some items should provoke further inquiry, such as a discrepancy between the number of workers reported and the number reported by Forest City Ratner.

Also, there may be a lingering dispute about the schedule.

Workers on site: 370 vs. Ratner's numbers

There seem to be fewer workers on site than Forest City Ratner has reported.

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Posted by eric at August 10, 2011 10:47 AM