State Court Deals a Blow to Atlantic Yards Opposition

News of another legal hurdle cleared by the Atlantic Yards/Ratner Development. Looks like clearing and Eminent Domain will start fairly soon. From the Brooklyn Paper:

"The suit, filed by panoply of elected officials and opposition groups, claimed that the Metropolitan Transportation Authority broke a state law that was passed in the wake of Atlantic Yards to curb abuses by state authorities through stricter transparency and ethics guidelines.

The plaintiffs pointed to the fact that the MTA renegotiated the deal with Ratner this summer, getting just $20 million up front instead of the $100 million originally promised. At the time, the transit agency did not seek new bids for its eight-acre train yard at the heart of the proposed arena, housing and commercial development.

But state Supreme Court judges did not agree with project opponents, ruling last Wednesday that the renegotiated deal did not warrant restarting the bidding process."

Looks like the Ratner/MTA Express will be arriving at Atlantic Terminal. Opposition will of course continue, but with the recent successful bond sales and legal setbacks, it looks like the development will proceed.


For more, head on over to Develop, Don't Destroy Brooklyn.

Ratner Raises Some Serious Cash - 500 Large!

Downtown developer Bruce Ratner, whose projects have and will continue to reshape the face of downtown Brooklyn, raised over $500 million two days ago for his controversial Atlantic Yards project. From the New York Times:

The $1 billion basketball arena at the intersection of Flatbush and Atlantic Avenues is the centerpiece for the 22-acre Atlantic Yards development, which is to include more than 6,000 apartments.
“There was a strong appetite for the bonds,” said Jay Abrams, a bond analyst at FMS Bonds. “The market was comfortable with the ratings the deal received and the security that was pledged.”

Whatever your stance on the Atlantic Yards Development, this is a pretty resounding vote of confidence from financial investors for the future of the development.