We don’t know the answer to that, of course, but even before this latest Wall Street fiasco, the Atlantic Yards project was seeming particularly vulnerable. We heard last week that Forest City Ratner plans to break ground on Phase 1 (arena, a few towers) in December, though the NY Times pointed out that the project was marred by “the softening economy, the crisis in the debt markets, rising costs and a persistent group of opponents who have filed one lawsuit after another.” But if folks were wondering if Phase II was ever going to happen — you know, that whole affordable housing part of it — now they wonder if we’ll ever see the dawning of Phase I. One sign in the project’s favor is that Barclays Bank, the namesake of the arena, seems to be holding up, and has plans to buy Lehman’s investment banking and capital markets operations. Still, Atlantic Yards Report noted that Barclay’s required financing to be set by November if their deal was to go through, and that they still need a tenant for building one, a tougher sell in light of the financial crisis. As AMNY noted, “Big projects like the new World Trade Center and the Atlantic Yards could grind to a halt, according to Chris Jones, a researcher at the Regional Plan Association, should financing becomes more difficult and tax revenues dry up.” Right now, Atlantic Yards’ fate still rests somewhat with the Treasury Department, that has yet to rule on whether FCRC can use PILOTs (payments in lieu of taxes) to pay off bonds. Considering FCRC has admitted that they need additional subsidies to realize their vision, and we’re knee deep in government buyouts and bailouts, that seems unlikely, too.
Atlantic Yards Community Liaison Office. Photo by Tracy Collins.
A tipster let us know that Douglaston Development filed a new building application Monday for a third Williamsburg Edge condo tower, which will rise to 40 stories. The building at 2 North 6th Place will have 554 units, including 10 duplexes. Stephen J Jacobs Group will design the 398-foot waterfront skyscraper, which will include 512,739 square feet of […]
We just got an email from the 77th Precinct informing us that SantaCon is going to be hitting the bars in Crown Heights tomorrow afternoon. It’s a charity event, said the email. Expect to see a lot of people dressed up as Santa. The police will be there to make sure no laws are broken. […]
Brooklyn, one building at a time. Name: Former Lincoln Savings Bank, now McDonalds Address: 2848 Church Avenue Cross Streets: Corner Nostrand Avenue Neighborhood: Flatbush Year Built: 1932 Architectural Style: Early Deco, with pared down neo-classical elements Architect: Unknown, but perhaps Halsey, McCormack & Helmer, it’s very much in their style Landmarked: No The story: The […]
Owners of the successful Comodo in Soho are opening another Latin American outpost on Dekalb in Fort Greene, to be called Colonia Verde. Felipe Donnelly and William Osborne are taking over the former Kif space at 219 Dekalb near Adelphi Street. Their vision is a communal, family-style restaurant with cuisine from various parts of Latin […]
Park Slope 370 8th Street Broker: Corcoran Price: $2,299,000 Sunday 2:30 – 3:30 GMAP Bed Stuy 84 Lexington Avenue Broker: Corcoran Price: $2,250,000 Sunday 2:00 – 3:00 GMAP Bushwick 1001 Halsey Street Broker: Corcoran Price: $849,000 Sunday 1:30 – 2:30 GMAP Bed Stuy 383 Jefferson Avenue Broker: Corcoran Price: $749,000 Sunday 12:00 – 1:30 GMAP