Skip to main content

Ratner and Gilmartin ranked #66 in Commercial Observer's Power 100

So here's the gentle profile (written by a 2014 college grad!) of Forest City Ratner's executives in the Commercial Observer's Power 100 (here's last year's short blurb):
66. MaryAnne Gilmartin and Bruce Ratner (79 in 2015)
President and CEO of Forest City Ratner Companies and Executive Chairman of Forest City Ratner Companies and Executive Vice President of Forest City Enterprises
“If I have to leave my kids everyday, it better be good,” MaryAnne Gilmartin said.
And as president and CEO of Forest City Ratner Companies, she certainly makes it worthwhile. Ms. Gilmartin, who is in charge of the New York City office wing of its Ohio-based parent company, works closely with Bruce Ratner, together spearheading many of the $1.5 billion in projects FCRC has under development.
The company officially started operating as a real estate investment trust under the moniker Forest City Realty Trust on Jan. 1 of this year, which Ms. Gilmartin said has helped the company align with its peers in the public markets and exposes it to a different set of dedicated investors. “We get more velocity and trading on our stock, and it’s a much more tax-efficient structure which really allows us to drive shareholder value,” she said.
As for Ms. Gilmartin’s first love—building and operating—there is plenty going on. FCRC currently has 1,800 units of residential, 800 of which are affordable, under development at Pacific Park in Brooklyn and is topping out at the Bridge at Cornell Tech on Roosevelt Island (a project that Ms. Gilmartin is particularly excited for because it will “change the way we think about spaces”).
“As I say, there’s no favorite child, but certainly the one we’ve been doing for well over a decade is Pacific Park,” Ms. Gilmartin said. “It’s an extraordinary amount of work, and only some of it is visible. It’s not just what you see and is in some ways the tip of the iceberg.”
The company also regained control of the modular factory in Brooklyn, allowing it to push forward with the construction of 461 Dean Street, which will be the tallest prefabricated building in the world when it opens in the fall.
FCRC is also priming site five [sic] of Pacific Park for development and is exploring different ideas of how to use the space. Earlier this month it was reported that FCRC and its partner Greenland USA are looking to sell a stake in three of their Pacific Park buildings.
“As a company, we decided we could do more with less of our equity and align our equity with others,” she said.
—D.B.
(Emphases added)

Well, that modular building has taken twice as long as promised, and it's cost them way more than they expected.

Site 5 is not so much being "primed" as being prepared for a new environmental review, and proposed revision to state documents to approve what I've dubbed the "Brooklyn Behemoth," an astoundingly large building that would require the transfer of bulk from the arena plaza across the street.

Regarding that sale of a stake, well, Gilmartin's statement is pretty gnomic: "As a company, we decided we could do more with less of our equity and align our equity with others." In other words, take less risk?

as I've explained, the company dominated by Greenland was supposed to bring its own equity. Is this new move because of pressure on Greenland from the Chinese economy?

Comments

Popular posts from this blog

Barclays Center/Levy Restaurants hit with suit charging discrimination on disability, race; supervisors said to use vicious slurs, pursue retaliation

The Daily News has an article today, Barclays Center hit with $5M suit claiming discrimination against disabled, while the New York Post headlined its article Barclays Center sued over taunting disabled employees.

While that's part of the lawsuit, more prominent are claims of racial discrimination and retaliation, with black employees claiming repeated abuse by white supervisors, preferential treatment toward Hispanic colleagues, and retaliation in response to complaints.

Two individual supervisors, for example, are charged with  referring to black employees as “black motherfucker,” “dumb black bitch,” “black monkey,” “piece of shit” and “nigger.”

Two have referred to an employee blind in one eye as “cyclops,” and “the one-eyed guy,” and an employee with a nose disorder as “the nose guy.”

There's been no official response yet though arena spokesman Barry Baum told the Daily News they, but take “allegations of this kind very seriously” and have "a zero tolerance policy for…

Behind the "empty railyards": 40 years of ATURA, Baruch's plan, and the city's diffidence

To supporters of Forest City Ratner's Atlantic Yards project, it's a long-awaited plan for long-overlooked land. "The Atlantic Yards area has been available for any developer in America for over 100 years,” declared Borough President Marty Markowitz at a 5/26/05 City Council hearing.

Charles Gargano, chairman of the Empire State Development Corporation, mused on 11/15/05 to WNYC's Brian Lehrer, “Isn’t it interesting that these railyards have sat for decades and decades and decades, and no one has done a thing about them.” Forest City Ratner spokesman Joe DePlasco, in a 12/19/04 New York Times article ("In a War of Words, One Has the Power to Wound") described the railyards as "an empty scar dividing the community."

But why exactly has the Metropolitan Transportation Authority’s Vanderbilt Yard never been developed? Do public officials have some responsibility?

At a hearing yesterday of the Brooklyn Borough Board Atlantic Yards Committee, Kate Suisma…

Barclays Center event June 11 to protest plans to expand Israeli draft; questions about logistics

At right is a photo of a poster spotted in Hasidic Williamsburg right. Clearly there's an event scheduled at the Barclays Center aimed at the Haredi Jewish community (strict Orthodox Jews who reject secular culture), but the lack of English text makes it cryptic.

The website Matzav.com explains, Protest Against Israeli Draft of Bnei Yeshiva Rescheduled for Barclays Center:
A large asifa to protest the drafting of bnei yeshiva in Eretz Yisroel into the Israeli army that had been set to take place this month will instead be held on Sunday, 17 Sivan/June 11, at the Barclays Center in Downtown Brooklyn, NY. So attendees at a big gathering will protest an apparent change of policy that will make it much more difficult for traditional Orthodox Jewish students--both Hasidic (who follow a rebbe) and non-Hasidic (who don't)--to get deferments from the draft. Comments on the Yeshiva World website explain some of the debate.

The logistical questions

What's unclear is how large the ev…

Atlanta's Atlantic Yards moves ahead

First mentioned in April, the Atlantic Yards project in Atlanta is moving ahead--and has the potential to nudge Atlantic Yards in Brooklyn further down in Google searches.

According to a 5/30/17 press release, Hines and Invesco Real Estate Announce T3 West Midtown and Atlantic Yards:
Hines, the international real estate firm, and Invesco Real Estate, a global real estate investment manager, today announced a joint venture on behalf of one of Invesco Real Estate’s institutional clients to develop two progressive office projects in Atlanta totalling 700,000 square feet. T3 West Midtown will be a 200,000-square-foot heavy timber office development and Atlantic Yards will consist of 500,000 square feet of progressive office space in two buildings. Both projects are located on sites within Atlantic Station in the flourishing Midtown submarket.
Hines will work with Hartshorne Plunkard Architecture (HPA) as the design architect for both T3 West Midtown and Atlantic Yards. DLR Group will be t…

Not quite the pattern: Greenland selling development sites, not completed condos

Real Estate Weekly, reporting on trends in Chinese investment in New York City, on 11/18/15 quoted Jim Costello, a senior vice president at research firm Real Capital Analytics:
“They’re typically building high-end condos, build it and sell it. Capital return is in a few years. That’s something that is ingrained in the companies that have been coming here because that’s how they’ve grown in the last 35 years. It’s always been a development game for them. So they’re just repeating their business model here,” he said. When I read that last November, I didn't think it necessarily applied to Atlantic Yards/Pacific Park, now 70% owned (outside of the Barclays Center and B2 modular apartment tower), by the Greenland Group, owned significantly by the Shanghai government.
A majority of the buildings will be rentals, some 100% market, some 100% affordable, and several--the last several built--are supposed to be 50% market/50% subsidized. (See tentative timetable below.)

Selling development …

Forest City acknowledges unspecified delays in Pacific Park, cites $300 million "impairment" in project value; what about affordable housing pledge?

Updated Monday Nov. 7 am: Note follow-up coverage of stock price drop and investor conference call and pending questions.

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…

"There is no alternative": DM Glen on de Blasio's affordable housing strategy

As I've written, Mayor Bill de Blasio sure knows how to steer and spin coverage of his affordable housing initiatives.

Indeed, his latest announcement, claiming significant progress, came with a pre-press release op-ed in the New York Daily News and then a friendly photo-op press conference with an understandably grateful--and very lucky--winner of an affordable housing lottery.

To me, though, the most significant quote came from Deputy Mayor Alicia Glen, who, as the Wall Street Journal reported:
said public housing had been “starved” of federal support for years now, leaving the city with fewer ways of creating affordable housing. “Are we relying too heavily on the private sector?” she said. “There is no alternative.” Though Glen was using what she surely sees as a common-sense phrase, it recalls the slogan of a politician with whom I doubt de Blasio identifies: former British Prime Minister Margaret Thatcher, a Conservative who believed in free markets.

It suggests the limits to …