Monday, March 24, 2008

Oops! Unfortunate timing on AY for the Courier-Life chain

An article (not yet online) in this week's Courier-Life chains about the Bear Stearns sale suggests that Forest City Ratner's MetroTech office complex might not be hurt--new owner J.P. Morgan assumes a lease that lasts until 2024--and ends with this heartening news about Atlantic Yards:

[FCR spokesman Loren] Riegelhaupt also sought to dispel the notion that the softening economy will hurt the company's Atlantic Yards project.

"We are a company that built in Brooklyn for over 20 years and we built in all business cycles," said Riegelhaupt.

"The Atlantic Yards project is an important component to the growth of Brooklyn and we're very excited about it."

Oops! The article is dated March 21, the same day the New York Times reported that the project, except for the arena, was essentially stalled.

Now, given that the deadline for the Courier-Life article was before the Times's report, the Courier-Life can't be completely blamed for accepting Riegelhaupt's spin. Then again, given the copious statements about delays facing the project, the Courier-Life (and the Times) should've been more skeptical.

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