Forest City Ratner is prematurely paying off $45M in tax-exempt financing for its B2 modular tower at 461 Dean St. On top of that, the NYC HDC will not be issuing an additional $45M, as was once planned. The combined $90M was supposed to go halfway towards paying for the tower, which was supposed to cost $183M. Construction has taken 3.75 years, almost twice as long as expected, and delays and cost overruns have forced an additional $80M onto that initial price tag. Forest City will use equity to continue construction, which is likely not an ideal situation. 461 Dean St plans to open in late 2016. [AYR]
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