Cobble Hill News

Ratner purchases first Atlantic Yards property in over two years

Atlantic Yards developer Forest City Ratner has made its first purchase in the footprint of the Atlantic Yards since February 2007. The 10,000-square-foot property at 467 Dean Street was purchased for $3 million.

The Real Deal: Daniel Goldstein, spokesperson for the community activist group Develop Don’t Destroy Brooklyn, said that the 467 Dean Street sale is emblematic of the “bad faith” in which the company’s chairman and CEO, Bruce Ratner, has approached the development of Atlantic Yards.

“[Bruce] Ratner’s purchase of 467 Dean, like all of his other acquisitions, has been done under the threat of eminent domain,” said Goldstein. “It is wrong and in bad faith. And to top it off, city taxpayers are reimbursing the developer for his ill-gotten property.”

Atlantic Yards is supposed to span 22 acres and include an arena for the Nets, commercial space, thousands of market-rate and affordable housing units, and a considerable amount of open space, but the project is far behind schedule, and its future is increasingly murky.

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