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August 3, 2012
Is the arena project 95-98 percent complete, as Forest City claims? It probably depends on how you define "project"
Atlantic Yards Report
"We're on the main concourse of the Barclays Center. Our project here is about 95, 98 percent complete," Forest City Ratner construction chief Bob Sanna says in a new video produced by the New York Daily News.
Is that credible? It probably depends on how you define "project." It may well be that they are less than 5 percent of the way from being able to fully test the building.
But Sanna's estimate differs significantly from the index used by Merritt & Harris, the consultant that reports monthly to the arena bond trustee, Empire State Development Corporation, and Forest City Ratner.
In the last report from Merritt & Harris, dated 7/9/12 and based on a 5/23/12 visit and documents dated 6/22/12, a chart indicated that the arena, as of May, was nearly 80 percent complete, on a path--as of the end of July--to be perhaps 85 percent complete.
Posted by eric at August 3, 2012 11:06 AM