|
|
Article: Atlantic Yards gets a lift; But pledged $200 million infusion still leaves bulk of vast project in doubt; last legal hurdle looms.(NEWS)
- Article from:
- Crain's New York Business
- Article date:
- September 28, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: AMANDA FUNG
Last week's pledged cash infusion of $200 million from Russian billionaire Mikhail Prokhorov represents a major windfall for Forest City Ratner Cos. as it struggles to get its vast Atlantic Yards project in Brooklyn under way, but that is still far from a slam dunk.
In a nutshell, Mr. Prokhorov's cash takes some of the financial pressure off the developer as it tries to line up financing for its new $900 million Atlantic Yards home for the Nets basketball team. Indeed, the developer has the go-ahead to raise $700 million in tax-free bond financing. The rub is that Forest City's ability to raise the hundreds of millions of dollars it ...