Atlantic Yards Gets a New Suit

Another day, another Atlantic Yards lawsuit.

This morning, project opponent Develop Don’t Destroy Brooklyn filed their second suit in as many weeks, alleging–among other things–the state’s development agency didn’t properly assess changes to the project since its initial approval. It’s the fifth major suit filed against the project, and it’s similar to another suit filed by DDDB last week against the M.T.A.

“Victory by the petitioners would doom the besieged development plan,” DDDB writes on its website.

But as Eliot Brown points out, it’s not entirely clear what effect this suit–or any of the others–will have on the biggest hurdle currently facing Forest City Ratner: selling $700 million in bonds to finance the arena. Bruce Ratner would like to offer a money-back guarantee by putting the funds in escrow, but that may not be legal.

Brown has more details on the particulars of the suit.

Atlantic Yards Gets a New Suit