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September 18, 2006
Costco Fails Again in Bid for a Manhattan Foothold
The NY Times
Last month, Bruce Ratner and Edward Blumenfeld, partners in the East River Plaza project, gave Costco the heave ho and signed a deal with Tar-zhay.
Costco, along with Home Depot, was part of the deal when the City Council approved the land-use plan for the 485,000-square-foot shopping center in 1999.
Last month, however, Jeffrey H. Brotman, Costco’s chairman, took a call at his headquarters in Issaquah, Wash., from Bruce C. Ratner and Edward Blumenfeld, the developers of East River Plaza. Target, not Costco, would open a 135,000-square-foot store on the second floor of the shopping center, and there was no chance for a counteroffer because the lease had been signed.
“I was really angry,’’ Mr. Brotman said. “From Bruce I didn’t expect it.’’
NoLandGrab: For the record, this article DOES include a disclosure of the business relationship between the NY Times and Ratner.
Posted by lumi at September 18, 2006 7:21 AM