Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Ratner Finally Closes On Atlantic Yards Deal
By
Jen Chung
Published Dec 24, 2009
Modified Dec 24, 2009
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Dec 24, 2009
Modified Dec 24, 2009
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
After years of legal wrangling, developer Bruce Ratner finally closed on the $4.9 billion Atlantic Yards project—which involved the state, city, MTA, and other agencies—in downtown Brooklyn. Ratner said in a press release, "Six years after we announced our plan for Atlantic Yards we are very pleased to be closing on the project with our public partners. Today’s closing represents a vital step forward for New York City, one that is all the more important because of the economic challenges our City faces. The jobs we are creating today, as we set forth on the arena and one of the boldest affordable housing initiatives in our City’s history, will create a new dynamic center in this wonderful borough.”
According to a press release (PDF) from Ratner's company, "Atlantic Yards will create close to 17,000 union construction jobs, as well as 8,000 permanent jobs once the project is complete. The project involves the redevelopment of 22 acres in downtown Brooklyn, which will include approximately six million square feet of residential space (6,430 units of affordable and market-rate housing), an 18,000-seat sports and entertainment arena to be known as the Barclays Center, 247,000 square feet of retail use, approximately 336,000 square feet of office space, and eight acres of publicly accessible open space."
Last month, an Appeals Court dismissed a lawsuit that challenged the use of eminent domain to seize land for the project. However, Develop Don't Destroy Brooklyn, one of the most vocal opponents of the project, promises that it will not stop fighting and offers some Ratner and Governor Paterson Grinch Photoshopping.
Ratner admitted the long journey to closing—as well as putting $511 million for the Barclays Center (home of the future Brooklyn Nets, see picture above) into escrow— to the Times, "It’s incredible. I always told everyone that it was going to get done, but there were moments when I don’t think I really believed it myself."
Tagged
Atlantic Yads
brooklyn
Bruce Ratner
eminent domain
real estate
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
NYC Council set to ban Central Park's carriage horse industry
Mayor Zohran Mamdani has said he supports the ban, and a majority of City Council members have signed on to support legislation that would end the industry
By
Liam Quigley
and
Ramsey Khalifeh
Published Oct 13, 2026 at 2:37 p.m. ET
22 NYC food pantries to start offering pet food
Pantries cite growing demand for pet food as owners struggle to feed themselves and their pets.
By
Karen Yi
News
22 NYC food pantries to start offering pet food
Pantries cite growing demand for pet food as owners struggle to feed themselves and their pets.
By
Karen Yi
Woman whose body was found in Brooklyn garbage can was strangled, medical examiner says
By
Charles Lane
New York Public Radio CEO steps down after 8 months on job
By
Liam Quigley
Early Addition: Can't stop the sticker bombers
By
James Ramsay
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .