On 3/3/08, more than three weeks ago, under the headline Unease Erodes Ambition in Real Estate, the New York Sun observed "troubling symptoms" in the real estate market, including Atlantic Yards:
The number of citywide building permits is expected to drop, public and private funding for projects is drying up, and a stream of multibillion-dollar plans is coming in over budget and behind schedule, with many designs being scaled back or scrapped altogether.
...A shortage of federal housing subsidies and ongoing litigation from resident groups is threatening Bruce Ratner's $4 billion Atlantic Yards project near downtown Brooklyn. The list of public and private projects on hold seems to grow on a weekly basis.
Graphic missing AY
The accompanying graphic included four other stopped or slowed development projects cited in the article, but excluded Atlantic Yards. A graphic might have announced 2016 as the official completion date, with the arena due in 2010 (though it was initially projected at 2006) and and simply ??? as the latest projected completion date.
Now, however, we know that the developer has a lot of time--6+ years to build the arena, 12+ years for Phase 1, and an unspecified amount for the rest of the project..
The number of citywide building permits is expected to drop, public and private funding for projects is drying up, and a stream of multibillion-dollar plans is coming in over budget and behind schedule, with many designs being scaled back or scrapped altogether.
...A shortage of federal housing subsidies and ongoing litigation from resident groups is threatening Bruce Ratner's $4 billion Atlantic Yards project near downtown Brooklyn. The list of public and private projects on hold seems to grow on a weekly basis.Graphic missing AY
The accompanying graphic included four other stopped or slowed development projects cited in the article, but excluded Atlantic Yards. A graphic might have announced 2016 as the official completion date, with the arena due in 2010 (though it was initially projected at 2006) and and simply ??? as the latest projected completion date.
Now, however, we know that the developer has a lot of time--6+ years to build the arena, 12+ years for Phase 1, and an unspecified amount for the rest of the project..
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