Manhattan

March 27, 2008

Is Bruce Ratner Out of Cash?

Looks like Brooklyn isn't the only borough seeing a stalled project care of our pals at Forest City Ratner. Apparently an ambitious FCR-developed 75-story tower planned for 8 Spruce Street, near City Hall, is going nowhere fast. This wouldn't necessarily be news except for the fact that part of the Frank Gehry-designed building is supposed to include a public school, and the local community board down there is starting to get a wee bit skeptical about the school being ready for action in '09, as promised. Downtown Express reports:

When Noah Pfefferblit, C.B. 1’s district manager, asked Ratner and the S.C.A. why no work has happened on the project in six months, he got two different answers. The School Construction Authority said there was a delay in delivering a shipment of steel, but that the steel would arrive soon. After that, work will begin on an expedited schedule to get the school open by fall 2009, the authority said. Ratner gave an entirely different explanation, after canceling an appearance at the community board to discuss the project. “They said they’re having issues with their financing,” Pfefferblit told the Youth and Education Committee Tuesday. Frank Gehry, known for complicated and whimsical buildings, designed the tower that will house the school. Paul Hovitz, a committee member, provided further evidence of funding troubles, which have been rumored for months. He was recently discussing the project with another board member in public, when a man overheard him. Ratner is having problems financing the project, said the man, who added that he worked for a company doing the financing, Hovitz said.

Join the club, Manhattan.
Delay? Count the Ways {Downtown Express]
Endangered AY [Brownstoner]
Photo by threecee.