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New Delays for Atlantic Yards

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Atlantic Yards is being delayed some more, especially some of the components that look to be risker in this economic environment.

“It may hold up the office building,” the developer, Bruce C. Ratner, said in a recent interview. “And the bond market may slow the pace of the residential buildings.”

Mr. Ratner, chief executive of Forest City Ratner, did not specify the kinds of delays possible, but suggested that construction could be put off for years. His comments are his first public indication that the darkening economy has slowed the ambitious project, spanning 22 acres at the intersection of Flatbush and Atlantic Avenues.

The developer did say he was confident about starting construction on a $950 million basketball arena for the Nets by the end of the year. The arena was to be surrounded by the office tower, known as Miss Brooklyn, and three residential buildings in the first phase of the project.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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