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Second Department Evaluates Alternative Undertakings Used at Atlantic Yards
In a 3-2 split decision, a Second Department panel has ruled that the strictures of New York Lien Law § 5 were satisfied when initial developer Forest City Ratner Cos. LLC (Forest City) provided a “completion guaranty,” rather than a bond or other typical form of undertaking, for the Atlantic Yards B2 Residential Project (the B2 Tower) in Brooklyn next to the Barclays Center arena.
Background
The litigation began in 2014, with the contractor, Skanska USA Building Inc., and the Forest City developers asserting breach of contract claims related to the construction of the B2 Tower. One of Skanska's causes of action asserted a breach of its CM Agreement with an affiliate of Forest City (Owner) predicated on Owner's failure to provide security for payment to Skanska as required by the Lien Law and the parties' agreements.
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