Forest City Ratner Companies | The New York Observer

Russian Billionaire Prokhorov to Buy Stake in Nets, Atlantic Yards

Wed, 23 Sep 2009 13:57:25 -0400

The Russians are coming! To Brooklyn.

The investment fund Onexim, headed by Russian billionaire Mikhail Prokhorov, has agreed to a $200 million deal in which it will take a major stake in the NBA's Nets franchise and its new arena planned for Brooklyn, part of the larger $4.9 billion Atlantic Yards project.

The news came Wednesday afternoon in the form of a joint announcement from Onexim and Forest City Ratner—the New...

Once Again, State Approves Atlantic Yards; City May Pay Ratner for Infrastructure Work

Thu, 17 Sep 2009 17:01:42 -0400

Bruce Ratner today got to check off another box on his Atlantic Yards “To-Do Before the New Year” list.

The state’s development agency Thursday morning approved Mr. Ratner’s revised plan for his $4.9 billion Brooklyn project, giving New York's assent to the planned Nets arena as well as the surrounding 15 apartment towers nearly three years after the state's initial approval. (Changes were made to plans for phasing and the size of the arena...

Could Atlantic Yards Get Stimulus Cash? It's Possible

Fri, 13 Feb 2009 00:43:43 -0500

The government is pouring money into state coffers for infrastructure, and Bruce Ratner apparently has his hand out, hoping to get a slice of the $789 billion pie in an effort to save his troubled Atlantic Yards project.

Opponents of the project are livid about the mere fact that Mr. Ratner wants more public money; supporters of the project are cheering the effort. But is the massive Brooklyn project, planned home of a Nets...

Forest City: All New Development On Hold (Except Atlantic Yards)

Wed, 10 Dec 2008 14:42:46 -0500

The word from the top brass at Forest City Enterprises, parent company of Brooklyn-based mega-developer Forest City Ratner, is the firm is suspending all new development. That is, except Atlantic Yards.

Forest City Enterprises president Chuck Ratner said in a conference call with investors and analysts that the financial crisis has forced the company to shift strategy from a development focus to a property operator focus.

“This...

Forest City Downgraded; Analysts 'Particularly Concerned' About Atlantic Yards

Fri, 24 Oct 2008 16:30:05 -0400

Standard & Poor's yesterday downgraded the credit rating of mega-developer Forest City Enterprises, the parent company of Forest City Ratner, the developer of the planned Atlantic Yards project in Brooklyn. The downgrade came as the credit markets have made the financing of new development near impossible, and Forest City, based in Cleveland and with projects in numerous regions, is no exception.

Among the agency's worries was Forest City Ratner's more-than $4 billion signature project,...

IRS Gives Thumbs Up to Tax-Free Bonds for Yankees, Mets, Nets [Updated]

Tue, 21 Oct 2008 15:58:32 -0400

In a move that will save the owners of the Yankees, Mets and Nets tens of millions of dollars, the IRS has given its O.K. to the use of tax-free bonds to finance the construction of the teams' new facilities, according to a state spokesman. The tax-free financing comes mostly at expense to federal taxpayers—though city and state revenues are affected as well—in taxes that are not paid on bond earnings.

The city...

Forest City: Landscape Architect Olin Still Involved at Atlantic Yards

Tue, 14 Oct 2008 15:54:39 -0400

This morning, Norman Oder, the thorn in the side of developer Forest City Ratner who runs the Atlantic Yards Report blog, put up a post noting that the landscape architect for the more than $4 billion Brooklyn project had suddenly begun referring to his Atlantic Yards work in the past tense on his Web site.

The apparent reason, concluded by Mr. Oder: Laurie Olin is off the project.

In response, Forest ...

Forest City, CBRE Feeling Effects of Wobbly Economy

Tue, 05 Aug 2008 19:36:41 -0400

In the worsening economic downturn, some real estate investment trusts and brokerages are showing signs of weakness.

On Jan. 2, stocks of Forest City Ratner parent Forest City Enterprises traded at $43.62 a share. On Aug. 4, they traded for nearly half the price, at $25.60. Leading office landlord SL Green, which started the year at $92.56 a share, was trading at $79.67 by Aug. 4. Meanwhile, CB Richard Ellis saw its...

Nets Arena May Not Be Finished Until 2011, Ratner Says

Mon, 04 Aug 2008 13:54:08 -0400

The planned new Brooklyn basketball arena for the Nets now may not be ready until 2011, according to developer Forest City Ratner, as the company acknowledges that the time to build the structure may take it past its current completion goal of calendar year 2010.

The news was first spotted by Norman Oder at his encyclopedic watchdog blog Atlantic Yards Report, where he put up part of a transcript from a...

Landowners Bring Atlantic Yards Eminent Domain Battle to State Court [UPDATED]

Mon, 04 Aug 2008 09:54:23 -0400

Six weeks after the U.S. Supreme Court declined to hear their federal lawsuit, landowners fighting the use of eminent domain for the Atlantic Yards project in Brooklyn have filed another suit, this time in state court.

Opposition group Develop Don't Destroy Brooklyn put out a release today announcing the lawsuit, filed Friday, which claims the development was approved to benefit a private developer (Bruce Ratner) as opposed to benefit the public...

U.S. Supreme Court Passes on Atlantic Yards [UPDATED]

Mon, 23 Jun 2008 10:48:57 -0400

The U.S. Supreme Court has declined to take up an appeal in the fight over Brooklyn’s Atlantic Yards project, putting to an end the federal lawsuit filed by landowners and tenants in late 2006 that challenged the state’s use of eminent domain for the mega-project.

The plaintiffs in the suit are now pledging to take the case to state court, a route they initially avoided as eminent domain laws in New...

Cost of Extra Yankees Financing to the City: About $3.6 M.

Fri, 13 Jun 2008 17:42:19 -0400

Much ado has been made about the Yankees' desire to get another $350 million or so in tax-free bonds to finish their stadium.

Not to downplay the subsidy involved in tax-free bonds, but the press has been filled with rather misleading headlines and langauge suggesting that the team is asking for $400 million in public funds (from Metro: “Yankees ask City for $400M More”) to finish the new stadium.

...

City Would Entertain Request for More Atlantic Yards Subsidies, Lieber Says

Thu, 12 Jun 2008 20:47:35 -0400

Deputy Mayor Robert Lieber, speaking yesterday at a Crain’s breakfast forum, was asked whether he would be open to giving more city subsidies to Forest City Ratner’s more than $4 billion Atlantic Yards development in Brooklyn. His noncommittal response:

“We have not received any kinds of requests, formally, from Forest City Ratner to date. But we’re open minded and we’ll listen, and if it makes sense, we’ll do it.”

...

Brooklyn's Her Maiden Name: Ratner Offering Naming Deal for Atlantic Yards' Tallest Tower

Tue, 20 May 2008 18:44:01 -0400

Bruce Ratner is looking for a new name for the signature office tower in his $4 billion-plus Atlantic Yards project.

The Frank Gehry-designed tower was known as “Miss Brooklyn” until it was shrunk, redesigned and re-unveiled in April under a new, more staid moniker: “B1.” It turns out that that name, too, may change, should developer Forest City Ratner, led by Mr. Ratner, find a tenant eager enough to attach its...

Municipal Art Society Doesn’t Like Atlantic Yards Parking Lots

Mon, 05 May 2008 13:42:21 -0400

The Municipal Art Society has launched a Web site and campaign critical of the proposed phasing for Brooklyn’s Atlantic Yards project, claiming the creation of parking lots in place of existing buildings will blight the area.

Because of the long time frame that will likely be needed to build the project—developer Forest City Ratner puts the slated completion date at 2018, though critics say that’s too optimistic—the footprint could be filled...

Ratner on NY1: A Snapshot

Mon, 28 Apr 2008 16:48:43 -0400

The notoriously press-shy Atlantic Yards developer Bruce Ratner is due to appear on NY1 tonight at 8:30, going one-on-one with reporter Budd Mishkin.

The folks at NY1 have sent us over a brief teaser quote from Mr. Ratner:

We need jobs, we need shopping that's appropriate, and the right price and quality goods, supermarkets that provide food of quality and well priced, we need housing, and the architecture is...

MTA Chief 'Concerned' About $100M Owed for Atlantic Yards

Wed, 23 Apr 2008 12:50:31 -0400

Metropolitan Transportation Authority executive director Lee Sander seems a bit uncertain about the $100 million that developer Forest City Ratner owes the agency for Brooklyn’s Atlantic Yards project. He had this to say earlier this month in a capital program “webinar” (no, we don’t quite know what that word is either), responding to a question about the MTA’s current capital plan:

There is $100 million associated...

Would-Be Brooklyn Beep De Blasio on Atlantic Yards: 'Constantly Disappointed'

Tue, 15 Apr 2008 11:43:39 -0400

Last night, City Councilman and candidate for Brooklyn borough president, Bill de Blasio, called for a moratorium on demolition at the Atlantic Yards footprint until developer Bruce Ratner outlines “what will be built when and confirms affordability,” Brownstoner and Gowanus Lounge reported this morning.

Mr. de Blasio told a meeting of Brooklyn bloggers that he was “livid” about Mr. Ratner’s recent admission in The New York Times that the Miss Brooklyn...

Anti-Ratner Protest Tonight Outside of Brooklyn Museum

Thu, 03 Apr 2008 13:03:25 -0400

Tonight's the night! Opponents of the Atlantic Yards project plan to protest outside of the Brooklyn Museum of Art because the museum's honoring developer Bruce Ratner. Black tie is optional (it's not inside the museum) but, please, according to organizer Develop Don't Destroy Brooklyn, bring your own pickets!

DDDB has called the museum board's decision to honor the Forest City Ratner CEO at its annual ball, an “affront to Brooklyn communities.”

At least two...

With Investors on the Phone, Forest City Thinks Happy Thoughts on Atlantic Yards

Wed, 02 Apr 2008 17:38:10 -0400

The developers of Brooklyn’s $4 billion-plus Atlantic Yards project, Forest City Ratner, tried to assuage fears about the stalled development in a conference call with investors today, saying they are committed to the success of the project in the long term. The call was held by Forest City Enterprises, the parent company of Forest City Ratner.

“Today’s economic environment is challenging,” Forest City Ratner president Joanne Minieri said. “Projects of this size...

Atlantic Yards Case Heads to U.S. Supreme Court; More Legal Action Lay Ahead

Tue, 01 Apr 2008 17:26:22 -0400

Property owners and tenants filed an appeal late yesterday in U.S. Supreme Court for their case contesting the use of eminent domain in the $4 billion-plus Atlantic Yards project, an action that legal experts have said is likely to be the final chapter for the federal lawsuit, first filed in late 2006.

Even a favorable Supreme Court ruling for the plaintiffs (which would require a decision by the Court to hear...

It's Creative Black Tie! Activists To Protest Brooklyn Museum's Ratner Nod

Mon, 31 Mar 2008 14:10:15 -0400

Develop Don’t Destroy Brooklyn is inviting Atlantic Yards opponents to grab their pickets (and don formal dress if they so desire) to protest the Brooklyn Museum’s decision to honor the developer Bruce Ratner at its annual $1,000-a-plate Brooklyn Ball, which DDDB calls an “affront to Brooklyn communities.”

Kayne West will perform at the Thursday night gala celebrating the Forest City Ratner CEO—described as “an upstanding corporate citizen” and a “singular supporter...

Ratner's Downtown Tower Gets Financed; School to be a Year Late [UPDATED]

Fri, 28 Mar 2008 16:04:44 -0400

Developer Bruce Ratner is moving closer to building his Frank Gehry-designed 76-story tower in Lower Manhattan, as his Forest City Ratner has secured $680 million in financing for the project. The 904-unit apartment building on Beekman and William streets, is slated to start major construction next week, according to Forest City.

Update 5:45 p.m.

The tower, where not much activity has been going on until now, has been the subject of much interest from local...

Blogosphere on Times' Atlantic Yards Scoop: 'Duh'

Fri, 21 Mar 2008 12:25:59 -0400

This morning, Brooklyn bloggers and opponents of the Atlantic Yards project are busy digesting Charles Bagli’s front-page Times story in which developer Bruce Ratner admits that the bulk of his Atlantic Yards project is stalled due to trouble finding financing or an anchor tenant for the “Miss Brooklyn” office building.

For a bullet-point run down of important points of the story, visit No Land Grab. But, basically, the article...

Silver Pressures Ratner Over Downtown Tower [UPDATED]

Fri, 07 Mar 2008 14:13:21 -0500

Assembly Speaker Sheldon Silver is troubled by the pace of a Frank Gehry-designed development by Bruce Ratner. And it’s not Atlantic Yards.

Downtown Express reported today that Mr. Silver sent a letter to Mr. Ratner expressing concern about the construction schedule of Forest City Ratner’s Beekman Tower at 8 Spruce Street downtown, a planned 75-story mostly residential tower that has a school in the base. Mr. Silver wrote that because the...

Federal Court Rejects Atlantic Yards Appeal: Full Coverage

Fri, 01 Feb 2008 11:27:18 -0500

A federal appeals court rejected an appeal by critics of the use of eminent domain in the $4 billion Atlantic Yards mega-project in Brooklyn, a big, if expected, victory for developer Forest City Ratner, and surely a demoralizing blow to project opponents. (There are statements from Forest City and from opponents below this story.)

The decision nearly puts to rest the legal chapter of this years-long, high-profile development battle. Since the plan was approved...

Soup Moguls To Try Solid Food At Times Building

Thu, 31 Jan 2008 10:47:05 -0500

Hale and Hearty Soup chain founders Andrew and Jonathan Schnipper have leased the last empty retail space in The New York Times Building.

The brothers will be opening a new restaurant concept described as "an updated version of a classic roadside eatery serving burgers, salads and other American favorites in a fast casual, relaxed setting," in 3,200 square feet at the corner of corner of Eighth Avenue and 41st Street, according to developer Forest...

After Eight Decades, Brooklyn To Finally Get Taller

Wed, 16 Jan 2008 15:19:01 -0500

A venture of Acadia Realty Trust, MacFarlane Partners, Rose Associates, P/A Associates and Washington Square Partners seems to be moving forward with the redevelopment of Albee Square into the City Point development, with plans to build a 65-story, Greenberg Farrow-designed mixed-use tower in Brooklyn, the Brooklyn Daily Eagle writes today.

As this tower suggest, it seems the move by developer Forest City Ratner in 2006 to keep the tallest...

Reactions All Around: Statements on Atlantic Yards Decision

Fri, 11 Jan 2008 18:16:56 -0500

We’ve put together a compilation of statements and press releases on this afternoon’s Atlantic Yards court decision, which clears a potentially major hurdle for the $4 billion development:

From Atlantic Yards critics Develop Don’t Destroy Brooklyn, a plaintiff group in the dismissed lawsuit:

NY State Supreme Court Rules for ESDC in...

Big Loss for Atlantic Yards Foes as Environmental Lawsuit Dismissed (UPDATED: Foes—'We Expect to Prevail')

Fri, 11 Jan 2008 17:09:41 -0500

A state justice this afternoon dismissed one of two remaining major lawsuits brought by critics of Brooklyn's Atlantic Yards project, clearing a potential stumbling block for the $4 billion complex, according to a spokesman for developer Forest City Ratner.

Project critics brought the suit in April, challenging the environmental impact statement, a required document in the state’s approval process (the project was given the green light in December 2006).

...

Nets Plan 2010 Move to Brooklyn

Thu, 03 Jan 2008 10:37:27 -0500

The New Jersey Nets basketball team now plans to move to the Barclays Arena in central Brooklyn in 2010. The team originally planned to be in the arena, which is part of the Atlantic Yards project, in time for the 2009-10 season; but, as the Bergen Record reports this morning (via The Real Deal), the Nets missed a deadline for telling its East Rutherford landlord if it would move by 2009 or...

Forest City's Minieri on Atlantic Yards: 'We Are Proceeding According to Plan'

Wed, 24 Oct 2007 11:16:12 -0400

The Wall Street Journal talked to new Forest City Ratner CEO Joanne Minieri. She's a Brooklyn native, and she had lots to say about the firm's Atlantic Yards project in that borough:

WSJ: What effect do the current credit markets and housing softness have on projects such as Atlantic Yards in Brooklyn [a development that will include 16 skyscrapers with 6,400 housing units, offices and shopping as well as a new arena for the...

Fresh Lease Moves New Times Tower Toward Full

Mon, 16 Jul 2007 21:52:21 -0400

The New York Times' new office tower has a new tenant. Jams Inc., an arbitration company with offices at 280 Park Avenue and 45 Broadway, is moving onto the 34th floor at the Times tower at 620 Eighth Avenue, a source tells us. The space is for over 31,000 square feet.

That means the Times tower is inching even closer to full occupancy. The 35th, 38th and 44th floors are the only floors remaining for a direct lease, according...

Forest City Ratner Gives to Coney Island Carousel, Other Bloombergian Public Projects

Sun, 01 Apr 2007 20:00:00 -0400

In December 2005, right as the debate over the Atlantic Yards complex was heating up and before the city made several crucial decisions about the project, Forest City Ratner gave between $450,000 and $1 million to a nonprofit closely associated with Mayor Michael Bloomberg. The donation came six months after a meeting with Mr. Bloomberg and Deputy Mayor Patricia Harris that Atlantic Yards developer Bruce Ratner reported was a lobbying contact—although the parties...

NYT: More Lawyers, Less Newsprint

Wed, 28 Mar 2007 13:40:20 -0400

The New York Times is giving up five floors in its new Eighth Avenue building before it even moves in. The Renzo Piano-designed headquarters, expected to open later this year, will be co-owned by the newspaper company and the developer Forest City Ratner. On Tuesday, they announced that floors 23 through 27, which were in the half owned by The Times, and floors 29 and 30, owned by the real-estate company, had been leased...

In This Week's [em]Observer[/em]...

Wed, 28 Mar 2007 05:30:00 -0400

High Line Sweeps West Chelsea Clean "The mission of the High Line, the future park that will rest on an elevated train platform slicing across 22 Manhattan blocks, is to slow down. The park's designers want the experience of it to be meditative, a break from hustled urban life. But just beyond its limits--which stretch only as wide as the skinny platform at 30 to 60 feet--there is a frenzied contrast." Go to story by John...

Ward Bakery Is Toast

Thu, 22 Mar 2007 11:08:14 -0400

Forest City Ratner sent out a press release on Thursday saying that the former Ward Bread Bakery at Pacific and Vanderbilt streets in Prospect Heights was next in line for the Atlantic Yards treatment, with abatement and demolition scheduled to begin Monday. But don't cry too hard, because the building, the target of an unsuccessful landmarking attempt, will come back in its next life as an insect or something: Some 75 percent of the...

Fried Frank Wins Brooklyn 'Shell Game'

Mon, 19 Mar 2007 10:11:36 -0400

When the city's Economic Development Corporation earlier this month explained how it planned to spend the $205 million in taxpayer money that it had earmarked for Atlantic Yards, one purpose it did not mention was lobbying expenses. But opponents are now making hay of a report that shows that Forest City Ratner spent $2.11 million for lobbying in 2006, the third highest amount of any company in the state. Develop Don't Destroy Brooklyn calls...

Atlantic Yards Ruling to be Appealed

Wed, 07 Mar 2007 12:51:20 -0500

Forest City Ratner says that the judge's decision invalidating its control of two properties in the Atlantic Yards footprint will be appealed. An e-mailed statement on Wednesday afternoon reads: "We cannot comment in detail on the decision today because the suit did not directly involve Forest City Ratner Companies (FCRC), said Jeffrey Braun, an attorney for Forest City Ratner. "FCRC purchased the leases for the property in question from another developer. That developer of...

Ratner Loses Control of Two Properties...

Wed, 07 Mar 2007 09:28:46 -0500

... in the Atlantic Yards footprint. Or he never had them in the beginning. Norman Oder is reporting on a state Supreme Court ruling released on Tuesday. Don't miss Develop Don't Destroy Brooklyn's jubilant statement. The Real Estate has calls into Forest City Ratner and will update this post when it gets a response. - Matthew...

Foye to Visit Atlantic Yards Site

Tue, 06 Mar 2007 09:46:08 -0500

Pat Foye, the new downstate chairman of the Empire State Development Corporation, is expected to visit the Atlantic Yards site in central Brooklyn on March 22. The tour, made at the request of City Councilwoman Letitia James, comes after a dubious construction start by developer Forest City Ratner that cut off water to some residents who don't even live in the footprint. The ESDC authorized the arena-and-housing project, and is acquiring property for it...

Small-Obsessed Firm Takes First Retail Lease At Big Times Tower

Mon, 05 Mar 2007 10:44:05 -0500

Japanese retailer Muji has signed the first retail lease at the future New York Times headquarters on Eighth Avenue. The retailer, with products supposedly based on a "philosophy of simplicity, minimalism and consumer functionality," has taken 5,000 square feet in the tower for its American flagship. The store, according to a release from Times tower developer Forest City Ratner, will overlook "the moss-and-birch-tree garden on the ground floor," and will open in time for the...

[em]Times[/em] Tower Gets First Retail Tenant: MUJI Flagship!

Mon, 05 Mar 2007 07:58:48 -0500

The lease for the New York Times Building was pretty specific about keeping out downmarket chain stores. So it's no surprise that the first retail tenant to sign up is MUJI, an "environmentally conscious retailer based in Japan," whose products can be picked up in the MoMA Design Store. Full release after the jump FOR IMMEDIATE RELEASE Monday, March 5, 2007 Forest City Ratner Companies Signs Innovative Japanese Retailer to Open U.S. Flagship Store in New York...

ESDC Releases Atlantic Yards Projections

Wed, 28 Feb 2007 09:59:33 -0500

Stop what you're doing: The Empire State Development Corporation has released its financial projections for the Atlantic Yards project! Brownstoner has them, and, apparently, they conform to the speculation of project opponents: "[A]t first glance they do not paint as profitable a picture as many opponents suspect, generating a mediocre [internal rate of return] of 9.6 percent. The biggest thing that jumps out at us is that they show that Forest City Ratner is...

Magistrate: Throw Out Atlantic Yards Lawsuit

Fri, 23 Feb 2007 12:56:55 -0500

Calling it a state and a local matter the federal government should abstain from, a federal magistrate recommended on Friday throwing out the eminent-domain case brought by tenants and property owners opposed to the Atlantic Yards project. The plaintiffs, including those who live in the footprint of the 22-acre project in central Brooklyn, want to stop the state from using eminent domain to seize property. The U.S. Court for the Eastern District of New York...

Forest City Works, But Does Not Own

Tue, 20 Feb 2007 11:04:30 -0500

Forest City Ratner still does not own the 8-acre rail yard that will form the backbone of its Atlantic Yards project, but that did not keep the company from starting "preparatory work" on Tuesday. (From the looks of this photo, they needed to shovel the snow first.) The developer agreed to buy the property from the M.T.A. back in September 2005 for $100 million, but there are some "technical issues" that have yet to...

A $100,000 Graduation at Nets Arena?

Fri, 26 Jan 2007 05:17:12 -0500

The Brooklyn Paper got a hold of an audit conducted for the state that reveals that Forest City Ratner was planning on charging outside organizations $100,000 to rent the Nets arena for graduation ceremonies and other non-sporting events--while the company had once promised to make it available to community groups for "a reasonable rate." A Nets official said the actual rate may vary. The audit also says that Forest City expects to clear $400...

Barclays in Brooklyn, Take Two

Fri, 19 Jan 2007 06:08:38 -0500

Richard Lipsky, whom we have noted is a paid consultant to Forest City Ratner, pumps up the warm and fuzzy part of the Nets arena naming deal : a $2.5 million "Nets-Barclays Sports Alliance." Compared to the nearly $400 million that the Nets are getting for the arena naming rights, this is the stuff that comes out of chickens, but it does show how broad and extensive Forest City's efforts have been to gain...

A $400 Million Play in Brooklyn

Thu, 18 Jan 2007 09:32:48 -0500

Blogger Norman Oder figures that the sale of the naming rights for the Nets' new home in Brooklyn will cover about half of the bond payments for the arena. Or, rather, the "nearly $400 million" from Barclays Bank would cover that much of the construction cost if the developer, Forest City Ratner, had not been offered, by the state and the city, an even better way to pay off the bonds: the diversion of...

Lawsuit Against Ratner Gains Support

Mon, 08 Jan 2007 05:50:07 -0500

Three more plaintiffs, in addition to the original 10, have joined the eminent domain lawsuit against the Atlantic Yards project in Brooklyn, including one who owns a building where developer Forest City Ratner allegedly installed a security camera without his permission. - Matthew...