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…
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.
Now that the What has stopped swearing I think he’s super cool.
Watch video here to see the “What”…its about half way through the video…white dude with a “this war is not over” sign…ridiculous
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=akGvUo2phD9Y
Gee, I can’t wait for Two Trees to build that middle school in DUMBO that they promised.
I’m a saver. I think this is why Ratner is out of cash. He wasn’t using his own money, he was using other people money. But I think it’s over. Atlantic Yards will not be built.
Auction-Rate Crisis Hits Stadiums for NY Giants, Colts, Saints
http://www.bloomberg.com/apps/news?pid=20602007&sid=amZuAsrWiT3M&refer=rates
The auction-rate bond crisis is raising borrowing costs on more than sewers and hospitals, forcing some states to pay three times higher interest on 65,000-seat sports arenas with moving roofs and 50-foot video displays.
Investors don’t want Government (Muni) Debt. This very bad because taxes will have to go up to provide basic services.
The What
Someday this war is gonna end…
gosh, since taxpayers foot most of the bill on most of his projects, you’d think brucie would just need to use his pocket change. Maybe they can pass the hat at Brooklyn Museum’s fundraiser!
^^^Jesus?^^^
I save.
Everyone is out of cash, because everyone has decided they want to spend more than they earn and borrow the difference, and no one wants to save. Any savers on this board? No? Then where is the money going to come from?
A balance of supply and demand in the market for money means much higher interest rates, not lower, especially with inflation going up.
This is what happens when the douches come home to roost.