Ratner Wins Eminent Domain Case for Atlantic Yards

» November 24, 2009 2:05 PM | By Brandon Hoffman

Charles V. Bagli reporting in The New York Times:

The last major obstacle to a groundbreaking for the $4.9 billion Atlantic Yards development in Brooklyn fell Tuesday when New York’s highest court, the Court of Appeals, dismissed a challenge to the state’s use of eminent domain on behalf of the developer, Bruce C. Ratner.

Mr. Ratner, whose 22-acre development has been delayed for three years by a flurry of lawsuits, the collapse of the credit and real estate markets and a glut of luxury housing, plans to begin selling tax-free bonds next month to finance the development’s cornerstone project: an 18,000-seat basketball arena for the New Jersey Nets at the intersection of Flatbush and Atlantic Avenues near downtown.

The Court of Appeals ruled that the state could exercise eminent domain in seizing the 22 acres, much of which sits within an urban redevelopment area, for Atlantic Yards. Critics of the project had argued that eminent domain on behalf of a private developer was improper and a violation of the state’s Constitution.

UPDATE: Image from the New York Daily News via SBNation.


2 Responses to “Ratner Wins Eminent Domain Case for Atlantic Yards”

  1. john amaechi Says:

    Sweet!

    When’s the ground breaking on the LeBron Center?

  2. Basketballogy Says:

    [Laughing!] Funny, John.

    These people who resisted are probably furious. Had they sold 3 years ago, they would have got something for their property. Now, the fair market value is probably much less, and they don’t have a choice about it anymore.

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