Forest City lays off 20 staffers at BK office

Pink slips follow the departure of CEO MaryAnne Gilmartin and other key executives

New York /
Jan.January 18, 2018 06:28 PM

Aerial rendering of Pacific Park (Credit: VUW Studio)

MaryAnne Gilmartin isn’t the only person leaving Forest City New York.

The company has laid off 20 staffers from its Brooklyn office, according to the Atlantic Yards/Pacific Park Report. Some workers will be let go effective at the end of the week, while others will leave at later dates.

The layoffs come on the heels of joint-venture partner Greenland USA taking a 95 percent stake in the Pacific Park megaproject, reducing Forest City’s interest to just 5 percent.

It’s also the third round of layoffs at the real estate firm’s Cleveland-based parent company Forest City Realty Trust in recent years. Forest City reportedly pink-slipped 50 employees in June, and also laid off employees amid a corporate restructuring in early 2016. It also sold its modular division in 2016.

Jeff Linton, a senior vice president at Forest City, said in a statement to Atlantic Yards that the Brooklyn office still has the company’s second-largest concentration of employees outside of its Cleveland headquarters, and that in total the firm employs about 1,500 people.

Gilmartin, who spent four years as CEO of Forest City’s New York division, left the company earlier this month, telling The Real Deal that “it’s time.” Since transitioning into a real estate investment trust, Forest City has pivoted away from ground-up developments — part of the reason Gilmartin chose to leave.

She will head up L&L MAG, a new development firm she is launching with David Levinson and Robert Lapidus of L&L Holding. She’s taking Forest City’s Jeffrey Rosen, Ashley Cotton, Susi Yu and Adam Greene with her.

Her new company will consult on the Pacific Park megaproject, which has faced several hurdles throughout its development. [Atlantic Yards/Pacific Park Report]Eddie Small


Related Articles

arrow_forward_ios
2544 Valentine Avenue in the Bronx (Photo via Black Bear Capital Partners)

Bronx rent-stabilized multifamily portfolio nabs $186M loan

Bronx rent-stabilized multifamily portfolio nabs $186M loan
CBRE CEO Robert Sulentic (iStock)

CBRE lowers SPAC IPO valuation target to $350M

CBRE lowers SPAC IPO valuation target to $350M
Union Crossing at 825 East 141st Street with LibreMax's Greg Lippmann (Union Crossing Bronx; LibreMax)

$78.6M sub-performing loan on Union Crossing up for sale

$78.6M sub-performing loan on Union Crossing up for sale
The mall was already beset by 18 years of starts and stops (Getty)

Can the American Dream mall survive the pandemic?

Can the American Dream mall survive the pandemic?
Spending outpaced foot traffic because shoppers purchased at the stores they did visit (Getty)

Retail foot traffic tanks on Black Friday

Retail foot traffic tanks on Black Friday
The tax break allows foreign visitors to reclaim a sales tax of 20 percent on items bought in the country for more than £30 (Getty; Unsplash)

UK tax break expiration could hurt struggling retailers

UK tax break expiration could hurt struggling retailers
Istanye Park in Istanbul (Photo via Wikipedia Commons)

Turkish mall valued at $1B in deal with Qatar

Turkish mall valued at $1B in deal with Qatar
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
arrow_forward_ios

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

Loading...