Tuesday, November 18, 2008

Atlantic Yards Deathwatch? Maybe if the stock keeps tanking

I'm not sure I buy the concept of the Atlantic Yards Deathwatch. Maybe it should be the Atlantic Yards Delay-watch. But it is worth remembering that, when the project was announced in December 2003, the arena was supposed to open in October 2006.

Remember, Chuck Ratner of parent Forest City Enterprises (FCE) said in March 2007, "We are terrible, and we’ve been a developer for 50 years, on these big multi-use, public private urban developments, to be able to predict when it will go from idea to reality."

Then again, if FCE stock continues to plummet--down 16.27% yesterday, to a new 52-week low, as DDDB pointed out--Atlantic Yards can't survive.

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