A snag in Site 5: judge grants preliminary injunction stalling transfer; Forest City claims it delays "important public works project"
In return, Forest City Ratner, which signed a deal in 2006 to eventually take over the site, is fighting back, claiming the judge's action would "harm the public interest by delaying the completion of an important public works project."
As reported in January, P.C. Richard, which owns part of the site at the western end of the project footprint, has sued to block condemnation of the property, which is adjacent to a site owned by Forest City Ratner and occupied by Modell's. According to the suit filed by P.C. Richard parent A.J. Richard, a letter of intent (LOI) guarantees the electronics store would get comparable space in a new building at the project site. Forest City contends the LOI was nonbinding.
After a hearing on 2/18/16, Justice Martin Solomon granted the plaintiff's motion for a preliminary injunction, barring Forest City from taking any action, according to the defendant's summary:
“(1) to convey or contract to convey any lease or other property interest in the Property . . . , (2) to impair [Forest City’s] ability to perform its [alleged obligations under the LOI], or (3) to deprive A.J. Richard of title or possession of the Property . . . .”