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

September 15, 2011 03:09PM


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.