In the last few months, the battle cries of the Atlantic Yards opponents have quieted—or been drowned out by the hubbub of basketball games and concerts at Barclays. There has been a subtle shift in tone and subject matter, with the conversation turning away from Atlantic Yards and the bitter debate that has characterized so much of the development’s history.
But despite the shift in focus, the eastern end of Downtown Brooklyn remains scarred by an open railyard—an 8.5-acre tear in the urban fabric that Forest City Ratner is supposed to someday heal.
The platform over Vanderbilt Yards, as it’s known, is the difference between a highly challenging “blighted” development site—arguably deserving of special subsidies, tax breaks and the seizure of private land through eminent domain—and a prime development site in a plum location.
An Arena Grows in Brooklyn
Maybe there is hope for those opposed to Brooklyn’s Atlantic Yards project after all. Or at the very least, some vindication.
Yesterday, State Supreme Court Justice Marcy Friedman ruled that the Empire State Development Corporation erred in producing a modified timetable for the project last year, when it finally won state approval, and thus Read More
The latest quarterly filing from Forest City Enterprises–parent company of Atlantic Yards developer Forest City Ratner–is in, and there’s a few points worth noting:
-The company’s efforts to start construction on the Nets arena faces another previously unreported hurdle: Forest City stopped sending in required payments on a $162 million loan–the mortgage on its Read More
The big Brooklyn project may be vanquished by the economic crisis (not to mention lawsuits). “I must confess, I’ve never seen anything quite like this,” Forest City Enterprises president Chuck Ratner tells Eliot Brown.
Standard & Poor’s yesterday downgraded the credit rating of mega-developer Forest City Enterprises, the parent company of Forest City Ratner, the developer of the planned Atlantic Yards project in Brooklyn. The downgrade came as the credit markets have made the financing of new development near impossible, and Forest City, based in Cleveland and with Read More
Forest City Ratner sent out a press release on Thursday saying that the former Ward Bread Bakery at Pacific and Vanderbilt streets in Prospect Heights was next in line for the Atlantic Yards treatment, with abatement and demolition scheduled to begin Monday.
But don’t cry too hard, because the building, the target of an Read More
In some ways, the Yards, a $2 billion, 6-million-square foot development in southeastern Washington, D.C., sounds a lot like the all-too-familiar Atlantic Yards project in Brooklyn. Each is being undertaken by a branch of the same company, Forest City Enterprises, but in the District of Columbia, the Washington Post reports,
Its plans call for Read More
The duplex penthouse atop the new Astor Place Sculpture For Living has full views, 4,400 square feet, and every detail (down to the white marble bathroom) done by Charles Gwathmey Himself. So why has it still not sold? Maybe because it’s $12 million, or because there’s no on-site fitness Read More
Kenmark: Real Balazses have curves
Neither the New York- nor the Cleveland-based branches of the family has explained why Bruce Ratner is selling the remaining 30 percent of his company, Forest City Ratner, to his cousins at Forest City Enterprises, and why at such an opportune time. (The final deal was announced today.) One equity analyst said the Read More
Bruce Ratner is selling the remainder of his real estate holdings to parent company Forest City Enterprises for $60 million in cash plus a stake in the new holding partnership. (FCE had previously owned a “majority” stake in Forest City Ratner.) NoLandGrab, the opposition blog, thinks this is a sign of Ratner’s desperate Read More