Monday, March 17, 2008

To Crain's New York Business, AY has only a 50% shot

There's no explanation for the calculation, so the prediction should be taken with a major grain of salt, but it's telling that the business-friendly weekly Crain's New York Business--heck, the paper locates the project in Downtown Brooklyn--this week estimates the chances for Atlantic Yards to be built at only 50%.

The newspaper notes that the arena opening has been pushed back from 2009 to 2010. (I think 2011 is a more likely best-case scenario. Remember, it was originally supposed to open in 2006.) Sources of delays cited are a pending appeal of the decision dismissing the challenge to the Atlantic Yards environmental review, as well as financing difficulties. (Surely other factors include increasing construction costs and other pending lawsuits.)

The developer, in its defense, pointed out that about half of the 61 buildings slated for demolition are gone, and utility and railyard upgrades are ongoing. All true, but those don't preclude the construction of some other buildings, and no construction of the arena block has begun.

Then again, Crain's gives AY a better shot than Hudson Yards, at 30%, Moynihan Station, at 25%, and Willets Point, at 35%.

1 comment:

  1. Foye resigns and Crain’s estimates the chances of Atlantic Yards being built at only 50%.- How absolutely clear it is in retrospect that Ratner was acting with cynical and hostile regard for the community when he prematurely commenced his destruction the Ward Bakery Building,- Just as we said at the time. Even now destruction should be halted.- Or one day the building should be rebuilt.

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