Atlantic Yards Continues to Not Get Built
If you're wondering what's going on with the troubled Atlantic Yards development project, the answer is nothing much and nothing good for developer Forest City Ratner. Back in 2007 a judge ruled that the way a long-term tenant of Henry Weinstein's Pacific Street building transfered his lease to Ratner -- a ploy to get the property for Ratner's Atlantic Yards project -- was illegal. That ruling was upheld on appeal this week, and Weinstein given the right to sue for damages. Ratner's stock has fallen 12 percent, and Ratner is issuing a stock split to raise money. Atlantic Yards Report finds a recent Forest City Enterprises press release that says "Forest City does not anticipate commencing any new vertical development in the near term." The Observer observes that "Ratner is negotiating with a host of agencies to delay or decrease its hundreds of millions in obligations to the public sector, as the viability of the project is now threatened." Photo (cc) stan.
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