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Atlantic Yards Buys More Time, Ratner Wants Stimulus Money
By
John Del Signore
Published Feb 13, 2009
Modified Feb 13, 2009
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By
John Del Signore
Published Feb 13, 2009
Modified Feb 13, 2009
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Developer Bruce Ratner's embattled, $4.2 billion plan to build a Nets basketball arena, office towers and thousands of apartments in Brooklyn is staying alive, at least for now. This month was critical for Ratner because a $177 million loan from Gramercy Capital Corporation for the 22-acre property was due. Considering that the developer still hasn't paid the MTA some $100 million for the Vanderbilt Yards site, it seemed doubtful that he'd be able to make the nut.
And he hasn't! But the Times reports that Ratner's company Forest City has just bought more time from Gramercy Capital, working out a deal to make a $15 million payment immediately, as well as additional large payments in the future, in return for a two-year extension. Of course, many obstacles remain. Because of a recent ruling by the IRS, Forest City has only until the end of the year to use special tax-exempt bonds for the arena, which was originally pegged at $1 billion. Ratner's now leaning on designers to cut that cost in half because investors aren't coming forward to finance the thing.
He's also got another looming court date; on the 23rd the state Appellate Court will hear oral arguments in a lawsuit challenging the state’s use of eminent domain to seize private property for the project. But Ratner shows no sign of packing it in; opponents were outraged today when the Observer revealed that he's hired former Senator Alfonse D’Amato’s lobbying firm, Park Strategies, to acquire some of the stimulus money New York State will be getting from Washington.
Tagged
Atlantic Yards
Bruce Ratner
John Del Signore
Originally from the Albany area, John Del Signore has called NYC home since 1995. In addition to his thousands of meticulously-crafted bespoke blog posts for Gothamist, his writing has also been published in The Awl, Deadspin, The Nervous Breakdown, and performed at The Brick Theater in Brooklyn.
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