From Crain's: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?
4 comments:
I don't get it. He is going to build a mega project with our money and a tiny bit of his but his existing building is in arrears? Flags folks - follow the warning.
It would be a tragedy if everything was demolished and left blighted for decades, which is what will likely happen. The writing's on the wall.
iSN'T IT JUST CRONY- SOCIALISM/CAPITALISM? RATNER KEEPS THE EQUITY AND CASH FLOW AND THE LOSSES GOT TO THE TAXPAYERS. iF THE CITY GOES BANKRUPT RATNER WILL GET A FEDERAL BAILOUT.
Bloomberg / Ratner City MUST NOT BE BUILT.
IT WILL BANKRUPT THIS CITY FOR SURE.
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