Forest City Ratner

Forest City Ratner. It was a prominent real estate development company, operating as the New York City division of the national Forest City Realty Trust. Founded by Bruce Ratner, the firm became known for its large-scale, often controversial projects that significantly reshaped the urban landscape of Brooklyn and Manhattan. Its activities were central to the transformation of areas like Downtown Brooklyn and Prospect Heights, though its methods frequently sparked public debate and legal challenges.

History

The company was established in 1985 when Bruce Ratner, former New York City Commissioner of Consumer Affairs, acquired the New York operations of his family's Cleveland-based Forest City Realty Trust. Its early work focused on commercial developments, including the MetroTech Center in Downtown Brooklyn, a project undertaken in partnership with Polytechnic University. This project set a precedent for using eminent domain and public-private partnerships to spur economic development in the borough. Throughout the 1990s and 2000s, the firm expanded its portfolio, becoming a dominant force in the redevelopment of Brooklyn, often aligning its projects with the economic development policies of Mayors Ed Koch, David Dinkins, Rudolph Giuliani, and Michael Bloomberg.

Major projects

The firm's most defining and contentious project was the Barclays Center arena and the associated Atlantic Yards development, later rebranded as Pacific Park. This massive endeavor included the relocation of the New Jersey Nets of the National Basketball Association to Brooklyn, facilitated by team owner and project partner Mikhail Prokhorov. Other significant developments include the New York Times Building in Midtown Manhattan, developed in a joint venture with the New York Times Company, and the Renaissance Plaza in Downtown Brooklyn. The company also developed numerous residential towers, retail complexes, and was involved in the Brooklyn Bridge Park project.

Corporate structure and leadership

Forest City Ratner functioned as a subsidiary of the publicly traded Forest City Realty Trust, with Bruce Ratner serving as its chairman and the public face of the company. Key executives often had backgrounds in New York City government and finance, facilitating negotiations with agencies like the Empire State Development Corporation and the New York City Economic Development Corporation. In 2018, following a strategic review, Forest City Realty Trust was acquired by the Canadian real estate giant Brookfield Asset Management, leading to the dissolution of the Forest City Ratner operating name and the integration of its assets and projects into Brookfield Properties.

Controversies and legal issues

The company's development tactics were frequently criticized, most notably surrounding the Atlantic Yards project. Extensive use of eminent domain to acquire property sparked fierce opposition from community groups like Develop Don't Destroy Brooklyn and led to high-profile lawsuits, including one argued before the New York Court of Appeals. The firm was also accused of bypassing standard public review processes through its dealings with the Empire State Development Corporation. Other controversies included construction delays, accusations of broken community benefit agreements, and conflicts with organized labor, including the New York City District Council of Carpenters.

Impact and legacy

Forest City Ratner's developments irrevocably altered the skylines and economies of several New York City neighborhoods, particularly accelerating the gentrification of Downtown Brooklyn and Prospect Heights. The Barclays Center established Brooklyn as a major venue for sports and entertainment, hosting events for the NBA, NHL, and major concerts. Its model of large-scale, publicly subsidized development became a blueprint and a cautionary tale, influencing urban policy debates about affordable housing, community input, and the role of corporate developers in city planning. The physical legacy of its projects continues to define parts of Brooklyn and Manhattan long after the company's name was retired.

Category:Real estate companies of the United States Category:Companies based in New York City Category:Defunct companies based in New York City Category:Forest City Realty Trust Category:Companies established in 1985 Category:Companies disestablished in 2018