Results tagged “bruceratner”

The NY State Court of Appeals, the highest in the state, dismissed a lawsuit challenging the use of eminent domain for developer Bruce Ratner's Atlantic Yards project. The NY Times calls the lawsuit the "last major obstacle" for Ratner, "whose 22-acre development has been delayed for three years by a flurry of lawsuits, the collapse of the credit and real estate markets and a glut of luxury housing, plans to begin selling tax-free bonds next month to finance the development’s cornerstone project: an 18,000-seat basketball arena for the New Jersey Nets at the intersection of Flatbush and Atlantic Avenues near downtown."

      

Yesterday, developer Bruce Ratner and architect Frank Gehry celebrated the "topping off" of the 76-story Beekman Tower in lower Manhattan. A 10-pound bucket of concrete was lifted 900 feet onto the roof of the 1.1 million square foot skyscraper, which will have rental apartments, a pre-K through 8th grade public school, an ambulatory care center for NY Downtown Hospital, retail space, and public plazas.

Daniel Goldstein — the city's most prominent Atlantic Yards opponent — was low-balled by the state with an eminent domain offer of just $510,000 for a three-bedroom Prospect Heights condo he purchased for $590,000 in 2003. It's also less than half what mega-developer Bruce Ratner offered Goldstein for the home, which, alongside Goldstein's lawsuits, stand in the way of $4.9 billion plan. Goldstein believes the state made such a low offer "to deter people from fighting like we have," but others say it's the real estate downturn, which has put the entire Atlantic Yards project on thin ice. In the coming days, the state's highest court is expected to rule on Goldstein's lawsuit alleging that the state is improperly using eminent domain to seize private property to benefit Ratner's company — not the public. [Via Brownstoner]

What better to follow up a meeting with a handful of NBA owners than a $19,000 lunch? That’s right, nothing, which is why Russian billionaire Mikhail Prokhorov, who is looking to purchase the floundering New Jersey Nets and bring then into Brooklyn, stopped into Nello on the Upper East Side Wednesday with a few friends, the Post reported.

The Post gets one of their juicy "sources" to dish on Brooklyn Borough President Marty Markowitz's reaction to the idea of a Russian-owned Nyets team. Markowitz, a big Atlantic Yards booster throughout the controversy and delays, is feeling a little burned at this point, according to "one operative": "It's a combination of anger and embarrassment. He signed on to a magnificent Frank Gehry-designed Brooklyn palace in the sky, and now he's got a foreign-owned big hole in the ground." But fuggedaboutit; it's still the best hole in the best borough of New York!

Atlantic Yards developer Bruce Ratner's quid pro quo relationship with community organizing group ACORN is public knowledge, but now that the group is on the hot seat for those hidden camera humiliations, the Post takes another look. For years, ACORN has rallied its members to enthusiastically support the construction of Ratner's $4.9 billion NBA arena, and in exchange ACORN would help manage tenants for the 2,250 affordable-housing units still planned for Atlantic Yards, to be built someday in the unforeseeable future.

When developer Bruce Ratner dropped architect Frank Gehry's designs for his beleaguered Atlantic Yards project in Brooklyn, the reversal was derided as a "stunning bait-and-switch" by the Times architecture critic. Adding insult to injury, the preliminary rendering for the less expensive Nets arena, designed by Midwestern arena designer company Ellerbe Becket, resembled a banal brick airplane hanger perfect for youth hockey and flea markets. But the Observer now reveals that Ratner has brought in hot New York architecture firm SHoP to work with Ellerbe Becket on the $800 million arena and, presumably, put some new lipstick on this boondoggle. (SHoP's the firm that did the pipe dream designs proposed for a new South Street Seaport; Curbed has compiled more of their work.) Yet another round of new renderings are expected to be released this month, so prepare to be pandered to all over again! In the meantime, Ratner is hustling to sell $700 million in bonds to investors before the end of the year in order to qualify for tax-exempt status, while also preparing for the next legal hurdle in October, when the state’s highest court will hear arguments against the use of eminent domain for the project.

A new rendering by the Municipal Art Society suggests that Bruce Ratner's $4.9 billion plan to build a Nets basketball arena and mixed-use towers in Brooklyn is a far cry from what was originally proposed, duh. No official renderings of the 22-acre site have been provided to the public since Ratner revealed that starchitect Frank Gehry's ambitious arena designs had been scrapped to cut costs, so MAS has stepped in to show what the area will look like in the coming years.

Would-be Atlantic Yards developer Bruce Ratner is getting so desperate to alleviate the debt burdening his $4 billion plan to build an ugly Nets stadium and other useless eyesores in Brooklyn that he's frantically trying to sell off most of the team. Officials at his company, Forest City Ratner, publicly deny the sales effort, but the Star-Ledger reports that last week Ratner flew to Moscow to meet face-to-face with billionaire Mikhail Prokhorov, the chief financier for CSKA Moscow. Other potential suckers investors are rumored to include Terry Semel, former CEO of Yahoo and Warner Bros, and some other rich guys with money to burn. Meanwhile, according to Forbes, the Nets dropped 13% in value last season, and morale within the organization is reportedly abysmal due to layoffs, pay cuts, and the team's general habit of sucking. (Granted, not as much as the Knicks.) One former Nets employee tells the Star-Ledger, "They've really created an environment where you don't want to stay there anymore. It's gotten really bad, especially for those of us who have gone through five owners in 10 years. It's just so damn bleak." But bleakness being Russia's specialty, maybe Prokhorov's a perfect fit?

The perpetually embattled Atlantic Yards project—now in the cross-hairs of the state's highest court—still has die hard supporters, but even some are confessing their disappointment. Developer Bruce Ratner's plans have been dramatically downsized from what was proposed back when he was first wooing allies in 2004, and it's unclear when the promised affordable housing and jobs will materialize. Rev. Herbert Daughtry of the Downtown Brooklyn Neighborhood Alliance still backs developer Bruce Ratner, but tells the Daily News he's come to accept the many shortcomings: "Everybody wishes it would be what was originally planned, but given the realities the project had to face, it's a wonder that it's still there. I think it's the best we can do at this point." Less tolerant is Assemblyman Hakeem Jeffries, "The promises made by this developer have disappeared like a house of cards." Last but not least is Councilman David Yassky, who initially supported the project but has since soured on it: "The MTA changing the deal just added insult to injury. This was already a bad deal for taxpayers and now it's an appallingly bad deal." Meanwhile, Ratner insists the underwhelming new renderings released last month were "premature."

During the past week or so, developer Bruce Ratner had finally seemed to have a little wind in his sails as he pushed forward with his $4.2 billion odyssey to build a Nets basketball arena, office towers and thousands of apartments in Brooklyn. The MTA agreed to a sweetheart deal to sell him the Vanderbilt Railyards, and the Empire State Development Corporation [ESDC] brushed off demands that Ratner resubmit his heavily revised plans for another full public review. But now the whole project is back to being embattled, as the state's highest court has agreed to hear the eminent domain lawsuit brought by opponents who say the ESDC is trying to seize private property to benefit Forest City Ratner, not the public. In May, a state appellate court unanimously rejected the lawsuit, and Ratner's attorneys expressed great confidence that the Court of Appeals wouldn't hear the case. At the time, Ratner said, "I’m honestly overjoyed. This is a weight off my back." Now the weight's back on, and, since the court operates on its own timeline, some wonder whether a ruling will be issued within enough time for developer to meet a year-end deadline to secure tax-free arena financing.

As expected, the MTA board voted yesterday to approve a less lucrative deal to sell the Vanderbilt Railyards in Prospect Heights to developer Bruce Ratner, who won a bid to buy the property for $100 million (which is less than the land's $200+ million appraised value) in 2005. The MTA will now accept just $20 million up front and the rest in installments over the next two decades. However, a last-minute counter-offer made by Atlantic Yards opponent Develop Don't Destroy Brooklyn, for $120 million to be paid over the next 12 years, was ignored by the MTA.

It's another pivotal week for developer Bruce Ratner's embattled Atlantic Yards project, which recently received a major redesign that forsook Frank Gehry's glitzy arena designs for a big brick shithouse (pictured). At a public meeting this morning, the MTA's finance committee reviewed "a revised agreement" with Ratner, who still needs to pony up for the MTA's Vanderbilt Rail Yard land in order to move forward with the project.

Just a week after announcing it was ditching plans for the Brooklyn Nets Arena from world-renowned architect Frank Gehry and instead taking a more pedestrian and less expensive approach, developer Forest City Ratner has confirmed to the NY Times that Gehry will no longer be involved with any part of the Atlantic Yards. Joe DePlasco, spokesman for Bruce Ratner, said, "We do not anticipate that Mr. Gehry will be designing any of the individual buildings." Why? Because Gehry's designs, though dazzling in 2005, are expensive (which is exactly what Times critic Nicolai Ouroussoff was worried about last year!).

When we derided the bait-and-switch redesign of developer Bruce Ratner's Nets arena as "a banal homage to any number of unremarkable field house arenas across America," some readers accused us of snobbery. But isn't that the same anti-elitist attitude that gave America eight years with a simian president just because the knuckle draggers found him folksy? That's not to say Gehry's scrapped design was the Obama of arenas, but you can certainly imagine, say, Sarah Palin feeling right at home watching some arena football in this eyesore (above). And Nicolai Ouroussoff at the Times gets it:

Now that Atlantic Yards developer Bruce Ratner has kicked renowned architect Frank Gehry's design for the (potential) future home of the Brooklyn Nets aside for a less expensive design by way of Kansas firm Ellerbe Becket, it's time for politicians to weigh in. Mayor Bloomberg said he understood the economic realities that Ratner was facing; the Post reports that he said on his radio show, "I think Ratner came to the conclusion, in this day and age, you just cannot finance something as complex to build. There's no such thing as a straight wall with Frank. Frank is into curves."

After news broke yesterday that developer Bruce Ratner had officially replaced starchitect Frank Gehry's striking design for a big, $1 billion arena in downtown Brooklyn, the Times released a rendering of what the new arena would look like. And wow, eat your heart out, Indianapolis! To save $200 million, Ratner enlisted Kansas City design firm Ellerbe Becket to completely redesign the stalled arena, which he needs to begin building by the end of the year, when his right to use tax-exempt financing expires.

State Senators held a public hearing at the Pratt Institute in Brooklyn on Friday to get a sense of where things stand for developer Bruce Ratner's $4.2 billion dollar dream of building a Nets arena and mixed-use towers on a 22-acre site that includes part of the MTA railyards. But it was difficult to get a sense of just how FUBAR the controversial project actually is, in part because the meeting was packed with hundreds of jeering construction workers wearing hard hats and "Atlantic Yards Now" buttons. At one point State Senator Bill Perkins futilely begged for silence, telling the crowd, "I think if we could eliminate some of the whistling and shouting..." But he was drowned out by cries of "Go, home Bill!"

After months of speculation, the MTA announced that the Long Island Rail Road improvements proposed at the Atlantic Yards development will be less grand than planned. Instead of nine rails, there will be seven, and the MTA is also expecting less money from developer Bruce Ratner. The Post reports that the MTA "allowed Ratner to renegotiate because the national credit crunch was making it difficult to finance the 22-acre plan to build an NBA arena and 16 office and residential towers in Prospect Heights." To refresh your memory, back in 2005, Ratner won the MTA's land—called the Vanderbilt Rail Yard—after bidding $100 million, which was $50 million less than a rival bid (the land is appraised at over $200 million). It's unclear how much Ratner will end up paying the MTA (rumor is $50 million!); Atlantic Yards Report has details of the State Senate meeting where MTA interim CEO Helena Williams spoke. And Ratner, who hopes to break ground later this year, is downsizing other parts of his plan.

As embattled developer Bruce Ratner—who just won't let go of his $4.2 billion dream to build a Nets basketball arena, office towers and thousands of apartments in Prospect Heights— continues to stagger around like a zombie who refuses to believe he's dead, the project's celebrated architect Frank Gehry is becoming increasingly uninvolved.

After a state appellate court rejected a lawsuit stopping his Atlantic Yards project, developer Bruce Ratner says that ground will be broken sometime this year (maybe this summer, maybe this fall). He told the NY Times, "I’m honestly overjoyed. This is a weight off my back." A group of property owners in the footprint of the massive project had claimed eminent domain was improperly used to obtain land; the appellate court unanimously rejected the challenge, finding, "It cannot be said that the public benefits which the Atlantic Yards project is expected to yield are incidental or pretextual in comparison to the benefit that will be bestowed upon the project’s private developer." Still, the opponents, who believe Ratner will profit much more than the public will benefit (and who have helped stall the plans for two years), vow to take their case to the Court of Appeals. The Daily News notes, "The decision allows Ratner to qualify for tax-free bonds to build the arena and the go-ahead to purchase the MTA-owned rail yard on which it will be built."

The Atlantic Yards rat problem appears to be getting worse according to neighbors with a block association having held a meeting on how to combat the pestering rodents just this week. One Prospect Heights resident who was there told the News, "It's worse now than it's ever been. Whenever the work happens, rats are everywhere, eight at a time." The News first reported a couple weeks back on the rats and the sorry state of the demolition site, including women being harassed near the Yards at night; today's headline is "Rat-infested Yard Site Stirs Cat Calls." A spokesman for Bruce Ratner's properties naturally blamed the rat infestation on the sorry state of the site before the developer came in and "corrected the problems." If the area around the stalled project follows the course laid out in Life After People, expect the rats to return to the wild in the next few months, only to be replaced by the arrival of wolves.

Sure, architect Frank Gehry may be telling the press the embattled $4.2 billion Atlantic Yards project isn't going to happen, but Gehry doesn't speak for developer Bruce Ratner, who continues to double down on his dream to build a Nets basketball arena, office towers and thousands of apartments in Brooklyn. It's come to light that Ratner recently purchased property in the Atlantic Yards footprint for the first time in two years, paying $3 million for the 10,000-square-foot NYC headquarters of the United Union of Roofers, Waterproofers and Allied Workers on Dean Street. With AY construction currently stalled, it's unclear what Ratner plans to do with the property, but the president of his company promised yesterday that once one last eminent domain lawsuit is settled, "this project is ready to go." Naturally, longtime adversary Daniel Goldstein isn't having it, telling The Real Deal, "While Ratner struggles against litigation and the world economic crisis... this sale makes it plainly obvious that Forest City Ratner's true goal is to control 22 valuable acres in the heart of Brooklyn with taxpayer assistance and the misuse of the state's eminent domain powers."

A State Appellate Court gave Bruce Ratner's embattled Brooklyn development plans a big boost yesterday, ruling that an environmental impact review conducted by the Empire State Development Corporation [ESDC] was properly completed. Opponents of the multi-billion dollar project, which in its first phase would build a basketball stadium and two residential towers, argue that Ratner exerted "inappropriate influence" over the ESDC and disagree with the assessment that property seized for the development was blighted. The Brooklyn Paper notes that real-estate values were in fact rising in the area when the project was unveiled, and yesterday one of the judges wrote a separate opinion disagreeing with the blight finding, opining that the ESDC was "ultimately being used as a tool of the developer to displace and destroy neighborhoods that are 'underutilized.' " Opponents will ask the Court of Appeals to review the ruling. And on Monday oral arguments were heard in a second lawsuit challenging the state’s use of eminent domain; that ruling is expected this spring.

Atlantic Yards opponents have expressed considerable outrage over developer Bruce Ratner's attempt to get a taste of the federal stimulus package for his embattled stadium, office, and residential project in Brooklyn. Last week it came to light that former Senator Alfonse D’Amato’s lobbying firm, Park Strategies, was working behind the scenes to secure a cut of the stimulus for Ratner. But they can forget about getting any of the loot earmarked for the MTA; a transit official tells the Post that the stalled development is "not on any of our lists [of projects]." However, Ratner is still lobbying for some of the stimulus money outside of the MTA's purview; there's some $3.9 billion for "infrastructure and energy assistance" which will soon be at Governor Paterson's disposal. A spokeswoman for the governor says they're "examining whether the project warrants stimulus funds," and notes that "there's a lot of competition."

Developer Bruce Ratner's embattled, $4.2 billion plan to build a Nets basketball arena, office towers and thousands of apartments in Brooklyn is staying alive, at least for now. This month was critical for Ratner because a $177 million loan from Gramercy Capital Corporation for the 22-acre property was due. Considering that the developer still hasn't paid the MTA some $100 million for the Vanderbilt Yards site, it seemed doubtful that he'd be able to make the nut.

The Post reports that developer Bruce Ratner's Forest City Ratner is "trying to cut back on much-needed transit improvements, which he promised in exchange for approval for the controversial $4 billion" Atlantic Yards project. This is the latest bad news for the ambitious project—most recently, Ratner has been downsizing the buildings.

Brooklyn Borough President Marty Markowitz, a fervent champion of an embattled plan to build an ambitious $4.2 billion plan to build a Nets basketball arena, office towers and thousands of apartments in Brooklyn, has for the first time muted his enthusiasm for the development. Could this be the canary in the coalmine for the controversial project, which throughout 2008 struggled to gain momentum against repeated setbacks? Markowitz issued a statement this afternoon opining that, because of the economic tailspin and all, developer Bruce Ratner should conceive of a "sports and entertainment venue that is more economically feasible but provides the modern amenities our residents and visitors to Brooklyn demand and deserve."

Bruce Ratner's Atlantic Yards project continues to be a bumpy ride with today's reports that there are plans to scale back the arena designed for the "Brooklyn Nets." A source close to the developer says that Ratner simply won't be able to build an arena for the proposed $1 billion. He tells the News that raising that much is "probably not going to happen. It can't be built if that's the price tag." And despite recent rumors that architect Frank Gehry had been fired, a spokesman for the developer says, “Frank Gehry has not been removed from the project. We are continuing to speak with many arena experts and working hard to find ways to build a world class venue in an incredibly difficult economic environment.” (The News runs that quote yet its headline reads "Star architect Frank Gehry may go".) All of this is certainly not going to quiet the ongoing whispers that when all is said and done, the team may become the Newark Nets.

While the (now) NJ Nets act like they are headed to Brooklyn, what with new player Yi Jianlian visiting the Chinatown YMCA--and meeting Assembly Speaker Sheldon Silver--earlier this week, there has been no shortage of news suggesting the Nets won't be NYC-bound any time soon.