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To the extent that the current economic conditions continue to affect the city’s employment base, the market-rate residential units and office components of the project and other No Build projects in the study area would be subject to the same market forces (e.g., reduced demand for housing and commercial space). Similarly, it is expected that the market-rate components of the project would be financed in the same general manner as other No Build projects, with each of the buildings in Atlantic Yards evaluated by lenders as an individual project.Therefore, delay in the project resulting from prolonged adverse economic conditions would be expected to be accompanied by a delay in other study area projects, and future conditions in a delayed post-2019 Build year would be fundamentally the same as those described in this technical memorandum for 2019. For most of the technical areas analyzed in the FEIS, future population, employment, and housing conditions are evaluated based on known development projects. Table 3 provides a detailed list of updated No Build projects anticipated for completion through 2019. As noted previously, the updated list includes projects that were planned prior to the

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Sales at Forté, a 30-story luxury residential tower in the Brooklyn Academy of Music cultural district in downtown Brooklyn, have not met its investors' expectations.

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Manhattan-based developer The Clarett Group confirmed Thursday that, along with its majority partner Goldman Sachs Group Inc., it is negotiating with the project’s construction lender to transfer control to the lender. After two years of marketing, the 108-unit, upscale FXFOWLE Architects-designed building only 37 units have been sold.

“Clarett is proud to have delivered such a beautiful, high quality property—on time and on budget—to enhance the skyline and contribute to the renaissance of downtown Brooklyn,” the developer said, in a statement. “Unfortunately, the sales market in Brooklyn has not been as strong as Forté itself.”

The number of apartment sales in northwest Brooklyn, which includes downtown and Fort Greene, fell 42.8% during the second quarter from the same time last year, according to the Prudential Douglas Elliman and Miller Samuel industry report. ?Q

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Annual Interest Rate 7.00% Monthly Interest Rate 0.58%

Loan to Cost 80% DRAWS

Cost of Construction Construction Total Ending

Index Month Draw Interest Draw Balance 0 0 0 1 416,667 333,333 0 333,333 333,333 2 416,667 333,333 1,944 335,278 668,611 3 416,667 333,333 3,900 337,234 1,005,845 4 416,667 333,333 5,867 339,201 1,345,045 5 416,667 333,333 7,846 341,179 1,686,225 6 416,667 333,333 9,836 343,170 2,029,395 7 416,667 333,333 11,838 345,171 2,374,566 8 416,667 333,333 13,852 347,185 2,721,751 9 416,667 333,333 15,877 349,210 3,070,961

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7,500,000 6,000,000 560,344 6,306,961

Bank Fees and Taxes 189,209 3.00%

Interest 560,344 Fees + Interest 749,553

Cost of Construction 7,500,000

9.99% (Fees + Interest)/Cost of Construction "

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