Next month, MaryAnne Gilmartin will be honored with the Real Estate Board of New York’s prestigious Bernard H. Mendik Lifetime Leadership Real Estate Award. For those of us who know MaryAnne – president and CEO of Forest City Ratner Companies – like my colleagues and I do, this achievement will come as no surprise.Isn't the legacy of Pacific Park just a little more murky, given the delays?
The story of MaryAnne’s three-decade career is a testament to her relentless pursuit of success, her keen wit and wisdom, and the perseverance that empowered her to redefine real estate in New York City.
...Not long after leaving the public sector, MaryAnne joined Forest City Ratner Companies as an assistant vice president in the mid-90s, and she never looked back. You can begin to understand her accomplishments at the company just by mentioning some of the iconic projects that have benefited from her leadership.
MaryAnne oversaw the development of the New York Times Building after winning the deal with a presentation that her friends in the industry still marvel at today. She led the way on building and leasing 8 Spruce Street, the Frank Gehry-designed residential tower that helped revitalize Lower Manhattan. And she cemented her legacy by bringing us Pacific Park and Barclays Center, which will help grow Brooklyn’s economy for generations to come. When she took over for Bruce Ratner in 2013 as CEO, there was never any doubt that the baton was being passed into the right hands.
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…