At Atlantic Yards meeting, state officials acknowledge project is stalled, with neither new plans nor developer proposed. Will foreclosure auction happen next month?
This is the first of three articles about the Atlantic Yards Community Development Corporation (AY CDC) meeting March 26. Atlantic Yards/Pacific Park seems stalled, as state officials acknowledged that they have been presented with no specific plans regarding the project's future, nor any possible developer. That's the main news that emerged from the AY CDC meeting, which was called, in part, to get the directors to approve the annual budget for the year beginning April 1. That didn't happen, because the unexpected absence of one director meant there was no quorum. However, the informational aspect of the meeting--held at the Manhattan offices of the parent Empire State Development (ESD)--proceeded anyway for the five directors present. Master developer Greenland USA, which did not send a representative to the meeting, has not paid back some $286 million in loans (out of $349 million total) from immigrant investors under the EB-5 program. So the rights to develop six tower