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May 5, 2012

From Crain's Insider: Atlantic Yards subcontractors worried

Atlantic Yards Report

From Crain's Insider today, Subs at Atlantic Yards Worried:

Subcontractors at the Atlantic Yards fear that money withheld by Forest City Ratner’s contractor won’t be paid to them when the project nears completion. “Toward the end, there’s a lot of change orders,” said Ron Berger, executive director of the Subcontractors Trade Association. “We’re worried they don’t have sufficient funds to pay for the change orders.” Berger wants the developer to float a $50 million bond to set aside cash; FCR offered $25 million. Regardless, a spokesman for the developer said, the trustee of the public bonds floated by the company has put aside money to pay subcontractors.

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Posted by steve at May 5, 2012 6:52 PM