10/13/08

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Questions raised on Atlantic Yards financing

Atlantic Yards site

The Post is reporting that lawsuits against developer Bruce Ratner's $4 billion Atlantic Yards project have taken their toll on efforts to raise capital. One document for an ongoing lawsuit against the project, which includes a basketball arena, said, "The credit markets are in turmoil at this time . . . There is a serious question as to whether, given the current state of the debt market, the underwriters will be able to proceed with the financing for the arena while the appeal is pending." Bruce Bender, a Forest City Ratner vice president, said in a statement that "regardless of the opponents' delay tactics, we will continue to move forward as quickly as possible." 

More at: [Post]