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February 8, 2006
Two commercial real estate firms, the MTA, and inevitable Forest City Ratner ties
TimesRatnerReport reacts to the The Brooklyn Daily Eagle article, "MTA Names Real Estate Firm Advisors" (login required).
Fortunately for Ratner, the MTA has hired consultants to help "assess the MTA’s real estate portfolio and create and execute a program to maximize the properties’ revenue potential," AFTER the two parties struck a deal for the Vanderbilt Railyards.
TimesRatnerReporter Norman Oder notes that there are connections between the two firms, Massey Knakal Realty Services and CB Richard Ellis, and Forest City Ratner.
The business relationship with CB Richard Ellis, and especially CEO Mary Ann Tighe, is closer. CBRE is theexclusive leasing agent for the office portion of the proposed Ridge Hill Village development in Yonkers, NY.
Tighe served as agent for Forest City Ratner on leasing of the Bank of New York tower at Forest City Ratner’s Atlantic Terminal mall in Brooklyn. Also, representing the New York Times Company, Tighe, according to the firm web site, "arranged a network of joint ventures enabling the construction of a new 1.5 million square foot tower at 8th Avenue and 41st Street...The transaction included a joint venture between NYTC and developer Forest City Ratner (FCR), which becomes 2 condominium interests upon construction completion..."
NoLandGrab: Maybe Norman Oder can save himself and his readers a lot of time by doing an article on who is NOT in on the fix.
Posted by lumi at February 8, 2006 10:02 AM