The New York Post has reported that, according to court documents, "Developer Bruce Ratner is running into trouble securing funding for his controversial $4 billion Atlantic Yards project."In the end, Ratner may have more to fear from the US's slumping economy than he does from activists like Develop Don't Destroy Brooklyn.
The city's plan for Coney Island is very different from Ratner's plan for Atlantic Yards, particularly in terms of regard for the surrounding communities. Both plans are the same, though, in that they are large, ambitious projects, which will require a lot of private investment.
Considering the New York City housing market, and the continued gentrification of Brooklyn, there won't be any shortage in anytime soon of investors willing to invest in new condo buildings. There is, however, apparently, a shortage of investors willing to invest in massive commercial-residential- sports arena complexes.
Let's hope that there isn't a shortage of developers willing to invest in amusement parks.
COURT TROUBLE: RATNER ADMITS ARENA-FUNDING WOES [New York Post]
Atlantic Yards' Financial Foundation Crumbling [Develop Don't Destroy Brooklyn]
Lawsuits and Recession Hobbling Atlantic Yards Project [Gothamist]
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