Russian Billionaire Prokhorov to Buy Stake in Nets, Atlantic Yards
By Eliot Brown | September 23, 2009 | 1:57 pm
The Russians are coming! To Brooklyn.... READ MORE»
Forest City Ratner Companies
Once Again, State Approves Atlantic Yards; City May Pay Ratner for Infrastructure Work
By Eliot Brown | September 17, 2009 | 5:01 pm
Bruce Ratner today got to check off another box on his Atlantic Yards “To-Do Before the New Year” list. The state’s development agency Thursday morning approved Mr. Ratner’s revised plan for his $4.9 billion Brooklyn project, giving New York's assent to the planned Nets arena as well as the surrounding 15 apartment towers nearly three years after the state's initial approval. (Changes were made to plans for phasing and the size of the arena amid... READ MORE»
Could Atlantic Yards Get Stimulus Cash? It's Possible
By Eliot Brown | February 13, 2009 | 12:43 am
The government is pouring money into state coffers for infrastructure, and Bruce Ratner apparently has his hand out, hoping to get a slice of the $789 billion pie in an effort to save his troubled Atlantic Yards project. Opponents of the project are livid about the mere fact that Mr. Ratner wants more public money; supporters of the project are cheering the effort. But is the massive Brooklyn project, planned home of a Nets... READ MORE»
Forest City: All New Development On Hold (Except Atlantic Yards)
By Eliot Brown | December 10, 2008 | 2:42 pm
The word from the top brass at Forest City Enterprises, parent company of Brooklyn-based mega-developer Forest City Ratner, is the firm is suspending all new development. That is, except Atlantic Yards. Forest City Enterprises president Chuck Ratner said in a conference call with investors and analysts that the financial crisis has forced the company to shift strategy from a development focus to a property operator focus. “This strategy then says that we intend to... READ MORE»
Forest City Downgraded; Analysts 'Particularly Concerned' About Atlantic Yards
By Eliot Brown | October 24, 2008 | 4:30 pm
Standard & Poor's yesterday downgraded the credit rating of mega-developer Forest City Enterprises, the parent company of Forest City Ratner, the developer of the planned Atlantic Yards project in Brooklyn. The downgrade came as the credit markets have made the financing of new development near impossible, and Forest City, based in Cleveland and with projects in numerous regions, is no exception. Among the agency's worries was Forest City Ratner's more-than $4 billion signature project,... READ MORE»
IRS Gives Thumbs Up to Tax-Free Bonds for Yankees, Mets, Nets [Updated]
By Eliot Brown | October 21, 2008 | 3:58 pm
In a move that will save the owners of the Yankees, Mets and Nets tens of millions of dollars, the IRS has given its O.K. to the use of tax-free bonds to finance the construction of the teams' new facilities, according to a state spokesman. The tax-free financing comes mostly at expense to federal taxpayers—though city and state revenues are affected as well—in taxes that are not paid on bond earnings. The city and... READ MORE»
Forest City: Landscape Architect Olin Still Involved at Atlantic Yards
By Eliot Brown | October 14, 2008 | 3:54 pm
This morning, Norman Oder, the thorn in the side of developer Forest City Ratner who runs the Atlantic Yards Report blog, put up a post noting that the landscape architect for the more than $4 billion Brooklyn project had suddenly begun referring to his Atlantic Yards work in the past tense on his Web site. The apparent reason, concluded by Mr. Oder: Laurie Olin is off the project. In response, Forest City suggested that Mr.... READ MORE»
Forest City, CBRE Feeling Effects of Wobbly Economy
By Dana Rubinstein | August 5, 2008 | 7:36 pm
In the worsening economic downturn, some real estate investment trusts and brokerages are showing signs of weakness. On Jan. 2, stocks of Forest City Ratner parent Forest City Enterprises traded at $43.62 a share. On Aug. 4, they traded for nearly half the price, at $25.60. Leading office landlord SL Green, which started the year at $92.56 a share, was trading at $79.67 by Aug. 4. Meanwhile, CB Richard Ellis saw its stock fall... READ MORE»
Nets Arena May Not Be Finished Until 2011, Ratner Says
By Eliot Brown | August 4, 2008 | 1:54 pm
The planned new Brooklyn basketball arena for the Nets now may not be ready until 2011, according to developer Forest City Ratner, as the company acknowledges that the time to build the structure may take it past its current completion goal of calendar year 2010. The news was first spotted by Norman Oder at his encyclopedic watchdog blog Atlantic Yards Report, where he put up part of a transcript from a Forest City conference... READ MORE»
Landowners Bring Atlantic Yards Eminent Domain Battle to State Court [UPDATED]
By Eliot Brown | August 4, 2008 | 9:54 am
Six weeks after the U.S. Supreme Court declined to hear their federal lawsuit, landowners fighting the use of eminent domain for the Atlantic Yards project in Brooklyn have filed another suit, this time in state court. Opposition group Develop Don't Destroy Brooklyn put out a release today announcing the lawsuit, filed Friday, which claims the development was approved to benefit a private developer (Bruce Ratner) as opposed to benefit the public (which would justify the... READ MORE»
U.S. Supreme Court Passes on Atlantic Yards [UPDATED]
By Eliot Brown | June 23, 2008 | 10:48 am
The U.S. Supreme Court has declined to take up an appeal in the fight over Brooklyn’s Atlantic Yards project, putting to an end the federal lawsuit filed by landowners and tenants in late 2006 that challenged the state’s use of eminent domain for the mega-project. The plaintiffs in the suit are now pledging to take the case to state court, a route they initially avoided as eminent domain laws in New York tend to... READ MORE»
Cost of Extra Yankees Financing to the City: About $3.6 M.
By Eliot Brown | June 13, 2008 | 5:42 pm
Much ado has been made about the Yankees' desire to get another $350 million or so in tax-free bonds to finish their stadium. Not to downplay the subsidy involved in tax-free bonds, but the press has been filled with rather misleading headlines and langauge suggesting that the team is asking for $400 million in public funds (from Metro: “Yankees ask City for $400M More”) to finish the new stadium. But the actual effect on... READ MORE»
City Would Entertain Request for More Atlantic Yards Subsidies, Lieber Says
By Eliot Brown | June 12, 2008 | 8:47 pm
Deputy Mayor Robert Lieber, speaking yesterday at a Crain’s breakfast forum, was asked whether he would be open to giving more city subsidies to Forest City Ratner’s more than $4 billion Atlantic Yards development in Brooklyn. His noncommittal response: “We have not received any kinds of requests, formally, from Forest City Ratner to date. But we’re open minded and we’ll listen, and if it makes sense, we’ll do... READ MORE»
Brooklyn's Her Maiden Name: Ratner Offering Naming Deal for Atlantic Yards' Tallest Tower
By Eliot Brown | May 20, 2008 | 6:44 pm
Bruce Ratner is looking for a new name for the signature office tower in his $4 billion-plus Atlantic Yards project.... READ MORE»
Municipal Art Society Doesn’t Like Atlantic Yards Parking Lots
By Eliot Brown | May 5, 2008 | 1:42 pm
The Municipal Art Society has launched a Web site and campaign critical of the proposed phasing for Brooklyn’s Atlantic Yards project, claiming the creation of parking lots in place of existing buildings will blight the area. Because of the long time frame that will likely be needed to build the project—developer Forest City Ratner puts the slated completion date at 2018, though critics say that’s too optimistic—the footprint could be filled with parking lots... READ MORE»
