Thursday, April 14, 2011

Atlantic Yard's Saga continues...

After all of that fighting, the never ending Atlantic Yards project could now end up just being a nondescript stadium and acres of parking. The project's developer, Forest City Ratner, filed documents with the SEC last week that warn of "further delays" to the non-stadium portions of the project that could lead to the scrapping of most or all of the rest of the 22-acre, $4.9 billion project. But hey, at least the city got rid of all that urban blight!

Basically the same cash flow issues (rising construction costs, rising financing rates, inability to meet government deadlines, trouble with sponsorships) that have caused Ratner to start looking into prefab construction may in the end entirely kill the project. Here is how the company's filing describes the situation if any any of those problems get worse:

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Tuesday, April 12, 2011

Robust market lifting apartment rents

Effective rents in Manhattan jump 7.4% in first quarter as landlords ease back on concessions and vacancies evaporate; market tilts in favor of owners.
The Manhattan residential rental market remained strong during the first quarter of this year with rents rising and vacancy rates falling, according to two industry reports released Thursday.

Tenants paid more rent in the quarter than they did the same period last year, according to a report by Prudential Douglas Elliman and Miller Samuel Inc. Median net effective rent, which includes landlord concessions, rose 7.4% to $2,808, while average net effective rent rose 3.9% to $3,342. Considering the net effective rent on a per-square-foot basis, the increases were far more dramatic, soaring 20.3% to $47.62.

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