Atlantic Yards Arena Costs Spelled Out
The price tag of Bruce Ratner's controversial Brooklyn arena has been steadily rising since the project was first announced: starting at $435 million, tweaking upward to $555.3 million and then creeping up to $637.2 million when the project was officially approved. This week, Ratner gave no explanation to The NY Times when he divulged that the cost of the arena has ballooned to a whopping $950 million, more than twice the original projection and a figure suspiciously just shy of the magic $1 billion threshold. The cost of the arena has also mysteriously outpaced construction inflation in NYC, which is reported to be around 8%.Is a $950 million single-sport arena financially viable? Stay tuned.
Labels: Atlantic Yards