Sunday, June 28, 2015

Crain's: Forest City's Gilmartin 17th-most powerful women in New York City (but for modular building?)

Crain's New York Business has issued its Most Powerful Women 2015, with Forest City Ratner Chief Executive MaryAnne Gilmartin ranked 17, just one step below her ranking two years ago:
As head of Forest City Ratner Cos. for more than two years, MaryAnne Gilmartin, 51, has already overseen the construction of some of New York City's most recognizable landmarks: a residential building designed by Frank Gehry at 8 Spruce St., the Renzo Piano-crafted New York Times Building and the eye-catching Barclays Center in Brooklyn. So it's only natural that Forest City would lean on her to push through its most challenging project yet--a modular building rising in fits and starts near downtown Brooklyn that, when completed, will be the world's tallest at 38 stories.
Ms. Gilmartin, who leads 650 employees, has also embarked on a number of recent developments including a game-changing tech campus planned for Roosevelt Island.
I don't doubt Gilmartin's ranking, but would credit her more with a role navigating the deal with Greenland Holdings to get the project speeded up, and in convincing the mayor and elected officials to give their blessing to not-so-affordable "affordable housing."

The modular tower is at this point a question mark, since it's still in litigation and, even if/when it gets built (at 32 stories, not 38), it's unclear how many more Forest City and/or partners would build. Only if there's a modular pipeline--as Crain's 2013 ranking suggested--can Forest City make back its investment in research and development.

In 2013, Gilmartin was ranked 16:
MaryAnne Gilmartin, 49, became one of the highest-ranking executives in New York real estate development when she was promoted in April to chief executive of Forest City Ratner.
Among her responsibilities, she oversees the $4.9 billion Atlantic Yards development project, which includes Barclays Center. Lately, Ms. Gilmartin has pushed the company in a new direction, pioneering the use of modular construction in the city. Ms. Gilmartin is hoping to not only use the time- and money-saving technique for the 15 residential buildings slated for the Atlantic Yards, but also to turn the company's growing capabilities in the method into an assembly line for developers across the city.
Success would help the 2,573-employee Forest City Ratner build on the $1.1 billion in revenue it earned in 2012.
Others on the Crain's list linked to Forest City:

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