Work on Atlantic Yards Comes to a Halt

Construction at the Vanderbilt Rail Yards, the MTA-owned site that Forest City Ratner put up $100 million for, has stopped altogether, reports the NY Daily News and Atlantic Yards Report. FCR blames Develop Don't Destroy Brooklyn's court case, challenging their use of eminent domain, for the stop. AYR doesn't buy it, "leading me to speculate that Forest City Ratner might be hedging its bets on completing the work or having cash-flow difficulties." A few minutes ago, DDDB issued a press release saying that all work has stopped. The reason, according to them: lack of financing. They think maybe it's time for the UNITY plan.
Atlantic Yards Project Location Sees Work Halted Abruptly [NY Daily News]
Photo by Tracy Collins.

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They may not be building, but the teardowns keep on keepin' on.
The 2 houses on the corner of Dean and 6th are both completely levelled already leaving nothing more than a dirt lot and a new chainlink fence.

Posted by: ennuiater at December 4, 2008 11:12 AM

while that is true, there are 53 buildings Ratner needs to demolish. he has "only" demolished 26 of them.

Posted by: brokeland at December 4, 2008 11:29 AM

"A few minutes ago, DDDB issued a press release saying that all work has stopped. The reason, according to them: lack of financing. They think maybe it's time for the UNITY plan."

The work stopped this summer! Where have you been?!

Come on NJ Nets!

http://www.prucenter.com/

Prudential Center :: Newark, NJ Arena
The Prudential Center, in downtown Newark, NJ, hosts about 200 events a year, including NHL New Jersey Devils hockey, Seton Hall basketball, MISL Ironmen ...

I wonder about the "value" of your "investment" when the word comes down that Atlantic Yards is dead???

The What

Someday this war is gonna end...

Posted by: Return of The What at December 4, 2008 12:47 PM

And the Carlton Avenue bridge reconstruction? Ratner should be made to pay for that out of his own pocket.

Posted by: babs at December 4, 2008 3:56 PM

Given the current MTA budget crisis, I'm betting that FCR was unable to extort any more money in order to complete the work as agreed upon. Rumor has it that FCR had not been doing the rehabilitation as per "their" agreement. It's a pity that they demolished the Ward's Bakery, prior to the work stoppage.

Posted by: BrooklynIsHome at December 4, 2008 4:27 PM

This developer was full of shit in the good times and will be more full of it during the bad times.

Posted by: Boerum Hill at December 4, 2008 4:27 PM

Now can we ask that the Brooklyn Botanic Garden remove Charles Gargano from the "Celebrity Path" (http://www.bbg.org/exp/stroll/celebritypath.html)?

Posted by: SteveFtGreene at December 4, 2008 5:38 PM

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December 4, 2008

Work on Atlantic Yards Comes to a Halt

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