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To the extent that the current economic conditions continue to affect the citys 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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economic slowdown and, although some of those projects are on hold, they are assumed to still be moving
forward in the future when market conditions improve. Therefore, this list is conservatively inclusive since
projects were not removed. Based on current information there are no substantial projects planned for
completion after 2019 that would need to be added to the No Build list presented in Table 3 and used to evaluate
future conditions. Therefore, it is expected that future conditions under a scenario of prolonged adverse economic
conditions would be fundamentally the same as those described in this technical memorandum for 2019."FF
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Sales at Fort, 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 projects 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 propertyon time and on budgetto 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 Fort 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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#=h=)a-Z=BP"
Annual Interest
Rate
Monthly Interest
Rate

7.00%
0.58%

Loan to Cost

80%
DRAWS

Cost of
Construction
Index Month

Construction
Draw

Total
Interest

Ending

Draw

Balance
0

416,667

333,333

333,333

333,333

416,667

333,333

1,944

335,278

668,611

416,667

333,333

3,900

337,234

1,005,845

416,667

333,333

5,867

339,201

1,345,045

416,667

333,333

7,846

341,179

1,686,225

416,667

333,333

9,836

343,170

2,029,395

416,667

333,333

11,838

345,171

2,374,566

416,667

333,333

13,852

347,185

2,721,751

416,667

333,333

15,877

349,210

3,070,961

10

416,667

333,333

17,914

351,247

3,422,208

11

416,667

333,333

19,963

353,296

3,775,505

12

416,667

333,333

22,024

355,357

4,130,862

13

416,667

333,333

24,097

357,430

4,488,292

14

416,667

333,333

26,182

359,515

4,847,807

15

416,667

333,333

28,279

361,612

5,209,419

16

416,667

333,333

30,388

363,722

5,573,141

17

416,667

333,333

32,510

365,843

5,938,984

18

416,667

333,333

34,644

367,977

6,306,961

19

416,667

333,333

36,791

370,124

6,677,085

20

416,667

333,333

38,950

372,283

7,049,368

21

416,667

333,333

41,121

374,455

7,423,823

22

416,667

333,333

43,306

376,639

7,800,462

23

416,667

333,333

45,503

378,836

8,179,298

24

416,667

333,333

47,713

381,046

8,560,344

7,500,000

6,000,000

560,344

6,306,961

Bank Fees and

Taxes

189,209

Interest

560,344

Fees + Interest
Cost of
Construction

749,553

3.00%

7,500,000
9.99%

(Fees + Interest)/Cost of Construction

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