The Real Deal attended the opening ceremony of East River Plaza Today On 116th Street (see video
above), East Harlem’s new big box retail center developed by Forest
City Ratner Companies and Blumenfeld Development Group. The more than
500,000-square-foot shopping center, where rents range from around $40
to $150 per square foot, is home to a Target, Costco, Best Buy, Old
Navy and other large retailers. The project cost approximately $400
million, according to a spokesperson for the developers. Bruce Ratner,
chairman and CEO of Forest City Ratner, said that while he’s excited
about the plaza opening, he’s still cautious about development in
general. “We’re finishing all our projects, that’s what’s most
important now,” Ratner told The Real Deal following the ribbon
cutting this morning. “In the development business… there’s really
not [much of a] difference between now and six months ago.”