Ratner says NYC won’t be as immune to second economic dip

TRD New York /
Sep.September 15, 2011 03:09 PM


Bruce Ratner, chairman and CEO of Forest City Ratner, appeared on Bloomberg Television’s “In the Loop” (see video above) to discuss the New York real estate market and, of course, his Atlantic Yards project. The developer said that if the economy tanks again, and experiences a double dip the city would not come out as cleanly as it did the first time around. The widespread layoffs being announced by banks combined with existing budget woes would strain the city. However, because the city’s economy is more diversified than it was even five years ago, he still believes it would fare better than most other markets.

As for Atlantic Yards, Ratner said he is confident he will get financing for the first residential tower in time to begin construction by the beginning of next year. There are some banks, he said, who are willing to finance rental projects, although condominium financing is nearly impossible to secure. Nets owner Mikhail Prokhorov is still interested in taking up to a 20 percent stake in the project and will decide what to do within the next six months, Ratner said. Meanwhile, ticket sales for the 2012 Nets season are about 10 percent ahead of schedule.


Related Articles

arrow_forward_ios
Madison Square Garden on March 26, 2020 (Credit: Debra L Rothenberg/Getty Images)

That empty feeling: Pandemic crushing New York event venues

That empty feeling: Pandemic crushing New York event venues
Former Forest City CEO MaryAnne Gilmartin and P.C. Richard executive Thomas Pohmer with Site 5 at Flatbush and Atlantic Avenues (Credit: Getty Images, IMA Long Island, and Google Maps)

Why nothing ever gets built on this Pacific Park site

Why nothing ever gets built on this Pacific Park site
Long Island Cheat Sheet: Alibaba co-founder Joseph Tsai could buy Nassau Coliseum… & more

Long Island Cheat Sheet: Alibaba co-founder Joseph Tsai could buy Nassau Coliseum… & more

Long Island Cheat Sheet: Alibaba co-founder Joseph Tsai could buy Nassau Coliseum… & more
Alibaba co-founder Joseph Tsai with Nassau Coliseum in Uniondale and Barclays Center in Brooklyn (Credit: Getty Images, SHoP Architects, and Barclays Center)

Alibaba’s Joseph Tsai in talks to buy Barclays Center, Nassau Coliseum: report

Alibaba’s Joseph Tsai in talks to buy Barclays Center, Nassau Coliseum: report
The dismantling of Forest City Ratner

The dismantling of Forest City Ratner

The dismantling of Forest City Ratner
With $6.8B Forest City deal set to close, Brookfield says it’s now the biggest commercial landlord in town

With $6.8B Forest City deal set to close, Brookfield says it’s now the biggest commercial landlord in town

With $6.8B Forest City deal set to close, Brookfield says it’s now the biggest commercial landlord in town
Shareholders greenlight Brookfield’s $6.8B purchase of Forest City

Shareholders greenlight Brookfield’s $6.8B purchase of Forest City

Shareholders greenlight Brookfield’s $6.8B purchase of Forest City
Judge clears the way for Forest City vote on Brookfield deal

Judge clears the way for Forest City vote on Brookfield deal

Judge clears the way for Forest City vote on Brookfield deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...