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April 6, 2012

Transit connection to arena now said to be less delayed than was reported last month. How so? Construction monitor fudged the timetable.

Atlantic Yards Report

Forest City Ratner is moving the goalposts so much on construction you'd think they were building a football stadium rather than a basketball arena.

Barclays Center bondholders take note: they moved the goalposts again regarding project construction. And while that may not make it less likely you'll get the interest you expect, it sure raises questions about the credibility of the reports you're getting.

Once a month, real estate consultant Merritt & Harris, the real estate consultant that "strives to be the leader in providing consistently excellent construction-related services to the real estate lending and investment community," issues a Site Observation Report report to the arena PILOT Bond Trustee (Bank of New York Mellon), Forest City Ratner, and the Empire State Development Corporation.

In the latest report is dated 4/2/12 and based on a visit of 2/23/12 and documents made available 3/20/12, Merritt and Harris began fudging the schedule for the new Transit Connection.

In other words, as with the arena, Merritt and Harris declared the Transit Connection less behind schedule than previously estimated, all because it extended the schedule, with no real explanation.

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Posted by eric at April 6, 2012 11:23 AM