Atlantic Yards Will Survive...Kind Of
It’s not the economy, stupid. Except it is. Last week, Forest City Ratner blamed the eminent domain lawsuit for delays at Atlantic Yards, and yet now he says that the project will remain pretty much on hold until the economy rebounds. The $4.2 billion project will survive, they say, but it may take even longer…
It’s not the economy, stupid. Except it is. Last week, Forest City Ratner blamed the eminent domain lawsuit for delays at Atlantic Yards, and yet now he says that the project will remain pretty much on hold until the economy rebounds. The $4.2 billion project will survive, they say, but it may take even longer than expected. “‘I think we can successfully delay until we are prepared to start [the project],’ Forest City President Charles Ratner told investors just hours before the price of the company’s stock fell 15%, to $7.02 a share,” writes the NY Daily News. Atlantic Yards isn’t the only Forest City project relegated to the slow lane; they’ve “put virtually all new development on hold until economic and financial market conditions improve meaningfully.” Opponents to Atlantic Yards reacted to the news with “a mixture of glee and fear.”
Atlantic Yards Will Go Up… When Economy Does [NY Daily News]
Photo by NoLandGrab.
bklyn4life –
You better bring you crystal ball in for warranty service…..Bloomberg is so getting re-elected it isnt funny.
“Biff please I trying to change my image here and you are not helping matters. If you don’t have anything constructive to say them leave me alone. I’m not cursing and I’m being civil..”
Naw Biff, that was just a phase I was going thru. I’m back to ole lovable self and guess what? I’m going to be PWNING Asshats for 2009, that’s right! PWNING!
The What (Don’t lose your job Biff)
Someday this war is gonna end..
I saw the nets/knicks game at the IZOD center last nite.
From the amount of advertising time Barclays Bank and Jones Soda got, it looks to me like Ratner is paying interest via advertising on this failed heap of maneuvering known as atlantic yards.
My crystal ball says nets are sold by the end of april.
Then the real legal slugfest starts.
But this project is dead as currently defined.
Lets hope the city doesn’t throw good money after bad before we get rid of bloomburg next year.
Why is there so much opposition for this project? The area is sh*t anyway!
I love this comment. It’s the post that just keeps on giving and giving:
Biff please I trying to change my image here and you are not helping matters. If you don’t have anything constructive to say them leave me alone. I’m not cursing and I’m being civil..
The What
Someday this war is gonna end…
Posted by: Return of The What at November 5, 2008 9:13 AM
Heres the likely scenario…..
So far….
AY opponents scream against Govt subsidies on project (when really all they care about is no arena/no tall building)
AY opponents successfully delay project with baseless lawsuits
Economic crisis hits before AY can really get started
AY project gets delayed b/c of lack of funding
AY opponents congratulate themselves on their apparent success
And then…..
Hole in the middle of Brooklyn sits for years
Economic crisis does not ease for years
Building in NYC essentially stops
Government looks for a way to stimulate economy/building
AY is selected to receive EVEN MORE SUBSIDY in effort to get construction going in NYC
Ratner begins construction with virtually 100% Government backstop
…And in yet another “victory” for our NIMBY society – the Economy improves – AY huge success – and Ratner becomes richer then ever, taxpayer gets screwed!
So predictable
FtGreeneCorey=Fail! The days of using OPM is OVER!!!!
The What
Someday this war is gonna end…
Look here’s the point: Atlantic Yards WILL get built…it may not get built with an Arena (and FCR may end up selling the team and they will move to Newark), but the development itself will move forward. I think FCR has demonstrated in the past that they are willing to be patient and build when market conditions dictate (see: Metrotech), and the city will in all likelyhood provide them with the subsidies they want (as they have in the past). I have said it before, DDDB’s strategy was delay, delay, delay until (i) market conditions and/or (ii) the political climate make AY unfeasible or undesireable. FCR (smartly) appears to have decided that they will delay, delay delay until the pendulum shifts back in the other direction.
Yoo Hoo Dave!! How is that “Hedge Fund” thang going stupid?? I bet you are down 45% and have investor who want their money back!
Hedge Funds Shrink by $64 Billion, Eurekahedge Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6QLLD6W29bs&refer=home
Dec. 11 (Bloomberg) — The global hedge-fund industry lost $64 billion of assets in November, with an index tracking its performance declining for a sixth month as economies in Asia and Europe joined the U.S. in recession, Eurekahedge Pte said.
“It’s very clear that there is going to be significant consolidation in the hedge-fund industry,†said Duncan Smith, a partner in Hong Kong at Ogier, a firm that provides corporate and legal services to financial companies. “Conditions are quite difficult and that really goes without saying. Underlying liquidity is very hard for funds.â€
“It’s very clear that there is going to be significant consolidation in the hedge-fund industry,â€
No I think it’s going to be Murder, Death and Kill for Hedge funds! Also you have you little boy Biff working in “Financial Services” too. Biff blowing heads in the washroom is not a job tittle so you have a “problem” on your tax returns…
2009 is coming..
The What (I PWN Asshats)
Someday this war is gonna end..