Ratner Times His Bond Sales
During a photo op at Forest City Ratner’s Beekman Tower in Manhattan, Bruce Ratner mentioned that he expects to begin selling bonds, to fund the Barclays Center for the Nets basketball team, in two weeks. The Observer and Norman Oder at The Atlantic Yards Report point out that Ratner’s big eminent domain case in the…
During a photo op at Forest City Ratner’s Beekman Tower in Manhattan, Bruce Ratner mentioned that he expects to begin selling bonds, to fund the Barclays Center for the Nets basketball team, in two weeks. The Observer and Norman Oder at The Atlantic Yards Report point out that Ratner’s big eminent domain case in the Court of Appeals goes down on October 14. Since losing the case would mean an end to the Atlantic Yards project, Ratner sounds strangely confident of the outcome. Or at least acting that way.
When Bruce Met Mikhail [Observer]
Ratner Says Bond Sales Should Start in Two Weeks [AYR]
Photo by Eliot Brown/Observer
D-O-N-E-D-E-A-L!!!
Stuyvesant Town actually provided thousands of affordable apartments for returning GIs. Kelo is now seen by everyone as a huge miscarriage of justice. Even the courts can learn from past mistakes, and taking private property to enable a private for-profit company to build a basketball arena and currently nothing else isn’t going to go well with anyone.
You dreamin’ if you think anything will change on court case.
Appeals will affirm. Kelo was an outrageous taking that was still upheld by the courts. Stuyvesant Town was the first taking by govt. for a private developer, upheld by the Supremes in 1948. It is over, stick a fork in it, get used to it. Arena is coming.
And what wound up happening with the property seized via eminent domain in Kelo (New London)? Nothing! The site is a vacant lot, doing nothing for the city of New London, because the developer failed to obtain financing. I think the court is going to consider this point as well in judging the case — how likely exactly is it that Ratner is going to get the financing he needs to build anything? His Russian deal doesn’t provide nearly enough to build an arena, and sale of his bonds is far from a given (I can only imagine what interest rate FCR wil have to offer to persuade anyone to take this much of a risk).
except that you are wrong on both counts.
Kelo has very little to do with this case and is not controlling.
There is plenty in NY State law for the court to determine a more restrictive use of eminentn domain.
Of course he is confident – Kelo is 1000% in his favor and there is nothing in NY State law that provides more rights than under the Federal Constitution.
Not “strangely” at all. The Russian Mob changes everything.
Watch your back, Danny boy.
***Bid half off peak comps***