in Business

Atlantic Yards project suffer a setback


“While the Appellate Division Second Department’s decision to hear the case may delay the project for approximately six months let me be clear that the project will go forward,” Mr. Ratner said in a statement. “Atlantic Yards will be built and it will create thousands of needed jobs and affordable homes. This is all the more important as our City and country confront one of the most difficult economic downturns in history. We are as committed as ever to the development of this project and will continue to work with the City, State and local leaders to ensure that it goes forward.”

Plans for 16 skyscrapers, an 18,000-seat basketball arena for the Nets, and thousands of apartments at a site at the corner of Flatbush and Atlantic avenues has been affected by a string of legal challenges brought by residents and the ongoing credit crunch.

Opponents to the project have objected to both its size and the use of eminent domain by the state.

I don’t know how 16 skyscrapers and an arena will result in increased access to affordable housing. But what do I know?

I hope the Rays are ready for Brooklyn…this basketball thing is simply never gonna happen. RATner will be selling the Nets by 2010 and they’ll be in Newark by 2010.