clock menu more-arrow no yes

Filed under:

The Morning After: Atlantic Yards Money Woes & Musical

New, 3 comments

The little Brooklyn project known as Atlantic Yards has heated up again this week with news about new concerns over financing the project. Here's a day-after look at the latest turn of events:

1) It turns out that Bruce Ratner can walk way from the project without penalty because no binding contracts were signed. [NYP]

2) "It will be riskier and more expensive than ever envisioned for the Nets to construct the Barclays Center arena...Turns out the Devils, Yankees, Mets, Giants and Jets were lucky to have financed their pleasure palaces before the financial crisis. The problem, which began with the tanking of subprime mortgage loans, has led to sharply higher interest rates for loans to highly leveraged companies, such as real estate developers, if they can obtain financing at all." [NYT]

3) Get ready for Atlantic Yards: The Musical (or drama). A Manhattan theater company called The Civilians that "combines investigative reporting with stories, song and dance" is going to do a production based on the big project for the 2009-2010 theater season. Who will play DDDB's Daniel Goldstein? Borough President Marty Markowitz? Developer Bruce Ratner? Will a Norman Oder character provide narration? [NYDN]

4) Speaking of which, Develop Don't Destroy Brooklyn posted a long item this morning about how "Atlantic Yards has never been a 'done deal' beside the real estate speculating firm's PR mantra...It is quite literally the case that no deal has really been done when it comes to Forest City Ratner's project." There's a list of points including the fact that the rail yards haven't been transferred to the developer and that no money has changed hands. [DDDB]

5) Still want more? Here's a very complete roundup of all the Atlantic Yards money woes coverage. [No Land Grab]