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.
Polish Community in Greenpoint Treats Ailments With Leeches [Guardian] Searching for the Lost Pool at the Hotel St. George [Scouting NYC] Check out Prospect Park by Moonlight March 20 [Ditmas Park Corner] How Brooklyn Neighborhoods Got Their Names [Forgotten NY] Commuting by Bus in Brooklyn and Queens Is Now a Little Easier [Runnin Scared] Here Is Hoping That Marietta Dry […]
Coney Island’s Luna Park held a ground breaking ceremony today, above, for a big new roller coaster called the Thunderbolt. The coaster, which is scheduled to open May 22, will be the first at the beachside amusement park since 1910 to include a loop, The Wall Street Journal reported. The ride will go as fast as […]
Brooklyn, one building at a time. Name: Row houses Address: 123-127 Lefferts Place Cross Streets: Classon and Grand Avenues (corner Classon) Neighborhood: Clinton Hill Year Built: 1882 Architectural Style: Neo-Grec Architect: Amzi Hill Other work by architect: Hundreds of houses and flats buildings in Clinton Hill, Bedford Stuyvesant, Stuyvesant Heights, Crown Heights North, Park Slope, […]
This long-shuttered commercial space on the corner of Saratoga and MacDonough was being renovated when we passed by recently. Through the window at 83 Saratoga we saw a big room with a sanded wood floor and doors to two bathrooms. In 2012, a permit was filed for minor alterations to the interior. The building, located […]
This mid-19th century Italianate in Prospect Heights makes up in width (24 feet across) what it lacks in depth (40 28 feet). The double duplex is nicely renovated and has lots of cute old details, including arched entry doors, floors, marble mantels, a wood burning fireplace, tin ceilings and wedding cake plaster decorations. We’re guessing […]