2016 NET OPERATING INCOME $230 million
NYC IMPACT Member, Executive Committee and Board of Governors, Real Estate Board of N.Y.; co-chair, Brooklyn Downtown Partnership; board member, BAM and N.Y. Public Radio
When the next book on Brooklyn’s rebirth is written, it will certainly have a chapter on MaryAnne Gilmartin.
As head of Forest City, Gilmartin has spearheaded the development of Pacific Park, a 22-acre mixed-used development that is finally taking shape after years of controversy and delays. Within the past nine months, two apartment buildings have opened at the complex: One is 100% affordable, and the other is the world’s tallest modular residence. Last year Forest City announced a partnership with JEMB Realty to build an office tower in Downtown Brooklyn, the company’s ninth in the borough.
Beyond Brooklyn, Forest City is slated to open a building at Cornell Tech’s Roosevelt Island campus in September. But her biggest challenge may be yet to come: heading the City Council committee charged with reimagining Rikers Island.
Yes, the Cornell Tech project represents progress, and the JEMB project suggests potential. But there are so many questions marks around Forest City's main New York project.
So Crain's is a bit myopic, I believe. Gilmartin deserves a place in the top 50, but Forest City's results in the past two years should be a drag on her rating, with the uptick supplied by her roles in REBNY, the Downtown Brooklyn Partnership, and the Rikers revamp.
Her role on the Commission is a sign of power, true. And if she does help reimagine a worthy future for that vexed piece of property, she'll deserve praise.