In The Wall Street Journal article on Forest City Enterprises' third
quarter conference call, Ratner claims they will continue working on Atlantic
Yards (perhaps some day, who
really knows—not Ratner). There
are plenty of reasons to doubt this as some comments during the call were
Ratner's most immediate concern, though, is a bridge loan coming due. From the
City Puts a Halt To New Work
By Alex Frangos. The Wall Street Journal
... [Forest City Ratner] has spent five years working on Atlantic Yards.
Lawsuits and the weak economy have delayed the start of major construction,
and Forest City faces the maturity of an Atlantic Yards development loan from
Capital Corp. in February 2009.
Forest City hasn't disclosed the size of the Gramercy loan. But according to
New York City records, Gramercy lent Forest City $153 million for land at
the site. "We're actively engaged in the negotiation on extending the terms,"
Mr. Ratner said during the conference call.