In another sign of distress in the city's real estate market, Forest City Ratner failed to make mortgage payment on 10 Metro Tech Center, part of its huge office complex in downtown Brooklyn [which, by the way, has a partial stop work order]. As a result that loan was placed on a watch list, Trepp [which tracks real estate debt] said.
The Forest City news is somewhat surprising because it has not been a fixture on such lists.
Tsk, tsk. And this was looking so promising for Brucie a few years back.
So...how will Ratner build his Atlantic Yards project if he can't afford to pay the mortgage on a building he's owned for more than 2 decades?