Economy to Delay Move of Nets to Brooklyn
The crumbling economy has forced the developer of the controversial Atlantic Yards project to indefinitely delay as many as 900 condominiums and the project’s glitzy centerpiece.
With the condo market tanking, Forest City Ratner officials told city and state officials at a private meeting on Monday it would shift focus away from pricey condominiums in favor of rental apartments during the first phase of construction.
"Going rental is consistent with what other developers are doing elsewhere," said Councilman David Yassky (D-Brooklyn Heights), who attended the meeting. "That’s just what the market is dictating."
The new plan calls for creating approximately 900 rental units in three towers formerly planned for condominium and commercial space, said several officials who attended the meeting at the Empire State Development Corp. office in lower Manhattan.
A combination of affordable and luxury rental apartments would be offered under the new plan, the officials were told.