Atlantic Yards Continues to Not Get Built

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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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