Friday, May 04, 2012

From Crain's Insider: Atlantic Yards subcontractors worried

From Crain's Insider today, Subs at Atlantic Yards Worried:
Subcontractors at the Atlantic Yards fear that money withheld by Forest City Ratner’s contractor won’t be paid to them when the project nears completion. “Toward the end, there’s a lot of change orders,” said Ron Berger, executive director of the Subcontractors Trade Association. “We’re worried they don’t have sufficient funds to pay for the change orders.” Berger wants the developer to float a $50 million bond to set aside cash; FCR offered $25 million. Regardless, a spokesman for the developer said, the trustee of the public bonds floated by the company has put aside money to pay subcontractors.
Totals so far

According to the latest report from the construction consultant to the arena bond trustee, the total of change orders so far for the arena is less than $10 million.

The total of change orders so far for the transit connection is under $6 million.


As of that report, dated 4/2/12, the arena was 63.6% done, based on projected vs. actual spending, and the  the transit connection 87% done.

Extrapolating out suggests about $15.5 million in change orders for the arena and $6.7 million for the transit connection.

But that doesn't include the railyard, so any estimates are fuzzy.

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