Updated 12/24/2009 11:17 AM
Atlantic Yards Developer Officially Closes On Project
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The massive Atlantic Yards project is one step closer to becoming a reality.
Developer Bruce Ratner announced yesterday that his company Forest City Ratner and all other parties have signed all the necessary documents and officially closed on the project.
This comes a week after the company sold more than $500,000 in bonds to finance the new arena for the Nets. It also completed a plan to sell 80 percent of the team and 45 percent of the arena, to Russian billionaire Mikhail Prokhorov.
Mayor Michael Bloomberg praised the latest developments, saying the project will bring thousands of units of housing and thousands of jobs.
But the group Develop Don't Destroy Brooklyn is not giving up its fight to stop the project. It says there are two outstanding lawsuits challenging the state's use of eminent domain in light of the recent decision against Columbia University.