The Atlantic Yards megaproject is speeding (okay, maybe not speeding) toward completion, and developer Bruce Ratner is ready to share the wealth. He is selling 50 to 80 percent of what remains of the Atlantic Yards project, for a potential $800 million profit, according to the Times. (This is a strategy Ratner has already employed successfully, to sell stakes in both the Barclays Center and the Nets in order to set Barclays' construction in motion.)
A sale of a major Atlantic Yards stake wouldn't actually change too much at the project. It would just allow, well, more of it. Forest City Ratner would use the proceeds from the sale for construction at the rest of the site. (Or, as Forest City exec MaryAnne Gilmartin puts it in slightly more cautious terms, "it raises the possibility that we'll be able to accelerate vertical development there.") The megaproject's first (and modular) residential tower is underway, but help will certainly be required to get the rest of the 14 residential towers and 6,000 units completed while we're all still around to
enjoy live in them.
· To Enhance Atlantic Yards, a Plan to Sell a Big Part of It [NYT]
· Atlantic Yards coverage [Curbed]