Will Crash Doom Atlantic Yards?
No Land Grab points out a little-noted consequence of the financial crisis: a possibly fatal funding shortfall for Bruce Ratner's controversial Atlantic Yards project in Brooklyn. A spokesman for major AY funder Goldman Sachs told the Newark Star-Ledger "no comment" when asked about the millions the failed lender had, pre-bust, been expected to pour into the Nets arena and housing/shopping complex. Ratner is described as "resolute."
"The big question," says Atlantic Yards Report, "is whether tax-exempt financing will be available... The Internal Revenue Service has been asked by the city and state to grandfather in arena financing under more lenient rules than proposed; an IRS official said regulations would be issued 'soon.'"