It has been a bumpy road for Brooklyn’s controversial Atlantic Yards development. The ten-year project-in-the-making is in the news yet again. According to the New York Times, 50 to 80 percent of Atlantic Yards is now up for grabs. Developer Bruce C. Ratner, chairman of Forest City Ratner Companies is on the hunt for an investor to buy the lion’s share of the development for a hefty sum of up to $800 million. Forest City would still hold the reigns over the future development of the project.
The plan for this swathe of land in the downtown Brooklyn vicinity would include 14 residential buildings and 6,000 apartments of which thirty percent are committed to moderate- and low-income housing. One motivation behind this sale is to accelerate the construction process, which has experienced delays.
Development watchdog site, Atlantic Yards Report, stated in response this announcement and the Times article: “Real estate analysts speculate that Mr. Ratner’s company could reap as much as $800 million from the sale of 50 to 80 percent of the remaining project. Well, that’s an estimate, but if Forest City has invested about $500 million in cash, as the company said in June, that looks like a rather significant profit. So that’s a pretty generous headline—’enhance Atlantic Yards’—as opposed to ‘cash out/make profit.’”
Post new comment