Lingering questions: Did Atlantic Yards/Pacific Park get a new development manager after Forest City sold? If not, was a restriction violated--or waived?
Restrictions are imposed on removal of FCRC [Forest City Ratner Companies] as a managing member of the joint venture exercising day-to-day control over the development work prior to the completion of the rail yard and platform. If FCRC's interests in the joint venture were to be bought out in such circumstances, Greenland must retain as its development manager either FCRC itself or another real estate company with at least 10 years of relevant development experience (and not less than five years of such experience in New York City) and meeting certain other specified criteria.
Well, nearly all of Forest City's interests were bought out in an agreement reached in January 2018, leaving Forest City with 5% and, as far as I can tell, no longer serving as a managing member. After all, executives with Forest City or Brookfield--which by December 2018 absorbed the parent company--have not been present at public meetings or cited as making decisions.
My questions
On 7/23/21, more than two weeks ago, I queried both Greenland and Empire State Development, the state authority which both oversees and shepherds the project:
- does Forest City (now part of Brookfield) remain in day-to-day control?
- has another company been retained by Greenland as development manager? if so, which one, and since when?
- is that requirement no longer valid? if so, how and when was it changed?
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