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Development Corp. ESDC would then
condemn the nine properties and transfer
ownership to Forest City Ratner, the sole
developer of the project.
According to the court documents,
the judges said much of the land to
be acquired is “substandard, and that
the taking [of it] is rationally related
to the purpose of remedying these
substandard conditions.” They added,
“any incidental profit that may inure to
Forest City from the remediation of the
blighted project site does not undercut
the public purpose of the condemnation
of the substandard land.”
The dismissal removes yet another
legal obstacle in the way of the long-delayed project that has been shrouded
by a cloud of controversy. Calling it the
development’s 23rd favorable ruling,
in a statement, FCRC chair and CEO
Bruce Ratner says in a statement that he
is thrilled with the decision. He adds that
he was confident the project will break
ground this year, with the intent that the
Nets will play ball in the Barclays Center in
the 2011-2012 season.
Despite the developer’s optimism,
hurdles remain before the project’s initial
construction sees fruition. In fact, a lawyer
for the plaintiffs says the group will be
appealing to the state’s Court of Appeals.
And, if that court agrees to hear the case,
Atlantic Yards could be in store for many
more months of litigation.—Cody Lyon
A Tradition of Successful Execution for
Our Clients — Through Every Cycle
Edward M. Jordan
Northeast Regional Director
Special Assets Services
(212) 430-5100
edward.jordan@marcusmillichap.com
Offices Nationwide
www.SpecialAssetsServices.com
Valuation AdvisoryServices Disposition
WESTCHESTER
Silo Forges $100M Venture
With Private Equity Players
Stamford, CT-based direct private
lender Silo Financial Corp. has formed
an alliance with a New York City-based
private equity fund to concentrate
on non-performing loans, says Silo
founder Jonathan Daniel. The fund
has earmarked $100 million “for
opportunistic real estate lending,
acquiring non-performing loans,
lending against nonperforming loans
and potentially even doing some
strategic preferred equity,” Daniel says.
The time is ripe for such a venture,
in the view of Daniel and the founders
METROLINE Continued on page 56
