To different degrees, the very same economic challenges facing Atlantic Yards are impacting real estate projects both big and small throughout the five boroughs. As the Metropolitan Transportation Authority faces a budget crisis, long-planned developments, such as the Fulton Street Transit Center, have faced dramatic delays and less ambitious revisions. The original plans for Hudson Yards have been thrown into disarray, while the construction of individual apartment buildings in Queens and Brooklyn have simultaneously been put on hold due to a lack of available financing.
As the economy takes tumultuous turns toward recession, developers, community groups and city officials alike are questioning whether these projects will go through at all or at least in the way many had previously imagined.
Real Estate Slump Hits New York