Ratner Now Trying to Stiff the MTA


A week after the (not surprising) news that Forest City was "value engineering" its development plans for Atlantic Yards in an effort to cut costs, word comes that the developer is also trying to restructure the $100 million payment it committed to make to the MTA for the right to develop over its railyards that run, sunken, between Atlantic and Pacific Avenues. (Atlantic Yards Report points out that there's never been a hard deadline for the payment, only the following language in the ESDC's Modified General Project Plan: "FCRC shall be required to consummate such purchase prior to or contemporaneously with the first acquisition by ESDC of a parcel within the Project Site not owned by the MTA.") In regards to Ratner's wishes to renegotiate, the MTA's Lee Sander said, "we will apply...intelligence, thoughtfulness, to the exercise." The announcement of Ratner's intention to renege was particularly galling to project opponents, reports The Post, in light of the higher offer of $150 million for the development rights originally made by Extell Development. Opposing group Develop Don't Destroy has called for the MTA to put the project back out to bids.
Atlantic Yards Looks to Slash Transit Upgrade [NY Post]
MTA Is 'Flexible and Thoughtful' [AY Report]
Photo by Tracy Collins

Copyright Brown - Brownstoner
Contact Us