I've pointed out that Forest City Ratner started renegotiating the deal before the economic downturn, and Michael D.D. White follows up in his Noticing New York blog:
One can try to blame the proposed Forest City Ratner’s bail out on the economic downturn in the economy but that is not how it actually works.
To quote former ESDC head Marisa Lago... it would be a multi-decade project of perhaps 30 or even 40 years duration... That means that the mega-development could never have been done in a single real estate cycle so encountering the “downturn” was virtually inevitable.
One can try to blame the proposed Forest City Ratner’s bail out on the economic downturn in the economy but that is not how it actually works.
To quote former ESDC head Marisa Lago... it would be a multi-decade project of perhaps 30 or even 40 years duration... That means that the mega-development could never have been done in a single real estate cycle so encountering the “downturn” was virtually inevitable.
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