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.
Politicians Consider Barclays Center for 2016 Democratic National Convention [CBS] Greenpoint’s Newtown Creek Boathouse Is Still in the Works [Curbed] City Council to Approve Domino, After a Final Negotiation [Capital New York] New Round of Rehab Begins on Ocean Parkway Mall [Sheepshead Bites] Million-Dollar Floor-Through Apartments: 777 Carroll Street [BK to the Fullest] The Long Transformation of the Brownstone at 132 2nd […]
Street safety advocates will have a chance to make their voices heard at two upcoming Vision Zero workshops in Brooklyn Heights and Flatbush. Anyone can attend and suggest street safety improvements, bike lanes, or slow zones in neighborhoods throughout Brooklyn. NYPD and DOT staff will split attendees into small discussion groups and use maps to […]
Brooklyn, one building at a time. Name: Semi-detached row houses Address: 1238-1254 Lincoln Place Cross Streets: Troy and Schenectady Avenues Neighborhood: Crown Heights North Year Built: late teens, early 1920s Architectural Style: Vaguely Mediterranean Architect: Unknown Landmarked: No The story: By the first two decades of the 20th century, housing was at a crossroads in […]
A San Francisco-based co-working space called Makeshift Society is opening a location in Williamsburg on the first two floors of a converted warehouse at 55 Hope Street. Makeshift’s Brooklyn spot occupies 4,000 square feet across both floors and offers 17-foot ceilings, open seating and dedicated studio desks. It will also have a creative tool lending library […]
Here the developers have gutted a small one-family and turned it into three small open-plan apartments, each with two bedrooms. (The listing says there’s an owner’s duplex, but going by the floor plan, it seems to be referring to the cellar.) Some charm still remains in the form of beautiful fireplaces and the exterior, which has […]