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Atlantic Yards Report: No, Atlantic Yards is much more than a sports story; it's a development story
Atlantic Yards Report: AY fight in final stages, but not over, says DDDB attorney; bond, documents wait in escrow until eminent domain completed
So, is the Atlantic Yards fight over, now that the "master closing" has been completed and the site bears "branded signage"?
Well, no, which is why various documents and proceeds from the bond sale were put in escrow, but it's even more of a David-and-Goliath fight.
The risk of litigation was priced into the bonds, and the appetite for the bonds suggests that buyers were comfortable with the risks.
However, according to the Barclays Center Preliminary Offering Statement (POS), prepared by underwriter Goldman Sachs, various documents, such as leases and mortgages, won't be released from escrow until various "Vacant Possession Release Conditions" are satisfied, including the delivery via eminent domain of the properties necessary for Phase 1 of the project.
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