Tuesday, January 29, 2008

Pullout without penalty

BUILDER CAN NIX NETS PLAN
By RICH CALDER, NY Post

Bruce Ratner can pull out of his $4 billion Atlantic Yards project for Brooklyn without penalty, The Post has learned.

That's because the developer never signed binding contracts for the controversial state-approved project or drew on hundreds of millions in government subsidies, officials confirmed yesterday.

The news comes a day after The Post, citing court papers filed by Ratner's firm, reported that dragging litigation and a drooping credit market jeopardize the developer's ability to secure financing to build an NBA arena for his Nets basketball team and 16 skyscrapers with residential and retail space in Prospect Heights.

The Spitzer administration said yesterday it was still committed to supporting a project that critics say was rushed through in the final days of the Pataki administration.

And despite the fiscal concerns over financing expressed in the court papers, Bruce Bender, a vice president for Ratner's firm insisted, "Atlantic Yards will be become a reality."

Councilwoman Letitia James, a vocal opponent of the Ratner plan, said the news of the developer's financial problems should convince all parties to return to the drawing board and try to find a way to develop the 22-acre site without taking private property through eminent domain.

5 comments:

Anonymous said...

Money has dried up. Reits are at record lows, GM buiding on block being carefully watched for direction of Manhattan commercial properties changing hands - watching prices for signs of firesales. The Atlantic project is sinking fast but will take on new partner to share risks or sit out for a while.

Anonymous said...

and with the way the nets are playing who the hell would pay to see them! They suck!

CJ said...

I really enjoy this website, and I'm glad somebody initiated a place that gives a voice to the real residents of Queens.

Is there an annual Crappy award? If not, there should be. Let the voting begin.

And the 2007 Crappy award goes to... Best supporting crap...
Lifetime achievement crap... Best foreign crap (with or without subtitles)

You decide.

Anonymous said...

Hey, its a developer, lets 'compromise'!

Translation: why don't you make life easy for your elected official who just turned your community over to a developer for a bribe (oh damn, there goes that slip of the fingers again, we have to call it a campaign donation)

Dennis said...

when I pull out, there's always a penalty.