Thursday, June 02, 2011

Ratner says in Bloomberg interview that $100M financing for first tower is coming; no word on whether it would be modular

I'm coming a bit late to Bruce Ratner's interview (and article) on Bloomberg, but here's the gist: Ratner expects to get a $100 million loan for the first tower, and that work should start around the end of the year.

Unmentioned is whether it would be modular and thus save big bucks. (As the New York Observer pointed out, $100 million seems small for that size building.) Unmentioned is whether Ratner is still seeking additional subsidies, which the city has denied. Unmentioned is the history of delays with this tower.



Prokhorov option

Also of note, Russian billionaire Mikhail Prokorhov (whom Ratner calls "Michael") has an option to buy 20% in the project as a whole, and Forest City Ratner is preparing a presentation so a decision can be made in the next six months.

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