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April 4, 2011
Wall Street Journal: beyond Atlantic Yards housing, Beekman Tower, Ridge Hill leasing post tests for Ratner
Atlantic Yard Report
What's the news from Ratner Facing New Tests, an overview today from the Wall Street Journal?
Forest City Ratner races an "uncertain rental market" for the high-priced units in the Beekman Tower, it has leased only 45% of its Ridge Hill mall in Yonkers, and, as we know, it hasn't been able to start housing at Atlantic Yards. The Journal reports:
The company's drive to build cash was underscored last week when it announced completion of a months-long deal to sell off a 49% stake in $852 million worth of retail properties. Forest City also announced its president, Joanne Minieri, was leaving the company to start her own firm.
I suggested that Minieri's departure also was a way to save money.
...The article closes with this cryptic paragraph:
For Atlantic Yards, Ms. Gilmartin said the firm has improved its situation by extending a large loan recently, and it hopes to start the housing this year.
That sounds like they're using the money raised by EB-5 investors seeking green cards, as the Times earlier reported.
How does extending that loan create jobs, as the federal program is supposed to require?
Posted by eric at April 4, 2011 11:51 PM