Ratner Sells $511 Million In Atlantic Yards Bonds
Developer Bruce Ratner's Atlantic Yards project "cleared a major hurdle," according to the Daily News, by selling $511 million in tax-free bonds for the arena's financing yesterday. Apparently the bonds were selling like hotcakes—the NY Times says they were sold out in two hours, "Indeed, the demand for the bonds from institutional investors far outstripped what was available and belied the project’s tortured history and court challenges."
The News explains, "Ratner had to beat the clock to sell the bonds because the IRS has barred using such tax-free financing for sports stadiums starting Jan. 1. The rest of the $904 million arena will be paid for by state and city subsidies and private investment." Ratner, who is expected to both complete the "master closing" for the project as well as the sale of an 80% stake in the Nets this week, said, "The overwhelming support from investors is a good sign of confidence in this project and in the city."
Of course, opponents of the project organized a protest—Develop Don't Destroy Brooklyn and Willets Point United dumped "junkyard bonds" outside of Standard & Poor's on Monday.
