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.
Postcard: Beware the Sea Monster of Gerritsen Beach [Sheepshead Bites] Bed Stuy Development Site at 265-267 Malcolm X Boulevard Is Asking $3.5 Million [BuzzBuzzHome] Shuttered Greenpoint Catholic Schools Are Resurrected as Apartment Houses [Brooklyn Eagle] Coignet Building Will Emerge as White Butterfly After Renovation [Brooklyn Eagle] Brooklyn Navy Yard to Host Whiskey Tasting, Photography, Performance Art [DNAinfo] Work on Utica Avenue Line […]
Next weekend, the third annual Brooklyn Zine Fest returns to the Brooklyn Historical Society with panels and a wide variety of publishers, artists and writers selling their wares. Panels will discuss topics like queer and trans zine writers, zine collecting and publishing zines anonymously. And over 150 zine enthusiasts will be selling self-published magazines on everything […]
Brooklyn, one building at a time. Name: Row house Address: 245 Front Street Cross Streets: Bridge and Gold Streets Neighborhood: Vinegar Hill Year Built: 1852-55 Architectural Style: Greek Revival Architect: Unknown. Landmarked: Yes, part of Vinegar Hill HD (1997) The story: Like stumbling upon Brigadoon, Vinegar Hill is hidden from most people’s view, tucked away […]
A convention center is planning to open at 79 Franklin Street in Greenpoint later this year, possibly in October, according to DNAinfo. Currently under construction, the Brooklyn Expo Center will have 28,000 square feet of space for exhibitions and meetings. There will also be a cafeteria and parking. A reader who lives nearby said it looks […]
Although obviously in need of work to turn it into living space, this has got to be one of the coolest properties for sale we’ve ever seen. There’s tons of curb appeal (or will be, pending a fresh paint job), beamed ceilings, arched windows and doors, diagonal floors and three skylights in this seemingly untouched […]