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%.