Forest City Realty Trust chair James Ratner buys $4M co-op

Nope, it's not at Pacific Park in Brooklyn
By Will Parker | June 27, 2017 04:30PM

James Ratner and 120 East East 81st Street (Credit: Google Maps)

The Ratners are known for their $5 billion transformation of Prospect Heights called Pacific Park, but that doesn’t mean they’re going to live there.

James Ratner, chairman of the board at developer Forest City Ratner’s Cleveland-based parent, Forest City Realty Trust, paid $3.9 million for a three bedroom co-op at 120 East 81st Street on the Upper East Side, public sales records filed with the city Tuesday show. Linda Reiner and Lisa Taranpol Deslauriers of Warburg Realty had the listing. Another three-bedroom in the building is currently listed for $2.9 million.

Bruce Ratner, the former CEO of Forest City Ratner and former minority owner of the Brooklyn Nets, is James’ cousin. James’ son, Austin, is an award-winning novelist living in Brooklyn.

Forest City announced last week that it would lay off 50 employees while selling off its retail and entertainment assets. The company employs about 2,000 people, according to the Wall Street Journal.

James became non-executive chair of Forest City last year, after his brother Charles retired from the position.