Developer Bruce C. Ratner Digs Into Difficult Deals to Alter the Urban Landscape
He should know. Skanska, also committed to modular construction, is the construction manager for B2, working for FCRC. But in a twist, the CM is also FCRC's equal business partner in the fledgling modular-high-rise production company producing B2 units, a few miles from the site. The collaboration is called Forest City + Skanska Modular (FC+S).
"There's tons of risk, but we expect B2 to be profitable," says Flemming.
Modus Operandi
The developer has not built his real estate portfolio flying solo. As with the modular enterprise, his modus operandi has long been to find public and private partners to share risk and lend expertise.
From 1985 until 2006, Ratner, also an FCE executive vice president and director, was in partnership with the publicly traded FCE, which owned 70% of FCRC. Currently, a third of FCE's $10.7 billion in assets are in the New York City area. FCRC still owns and operates 34 of the properties it has developed.
Ratner also did not build his reputation by himself. His two senior deputies are MaryAnne Gilmartin, who took over as FCRC's president and CEO on April 15, and Robert P. Sanna, executive vice president and director of construction and design development.
"What distinguishes Forest City Ratner's leadership is a long-term commitment to building projects that advance community interests," says Wylde.
"Clearly, they have a deep bench," adds Thomas Z. Scarangello, chairman and CEO of Thornton Tomasetti, structural engineer for Barclays.
Gilmartin, 49, is a 19-year veteran of Ratner's escapades. She oversaw the development of architect Renzo Piano's New York Times Building; architect Frank Gehry's 870-ft-tall New York by Gehry, which ranks as the tallest residential building in the U.S.; and Barclays.
"MaryAnne is a brilliant choice to take over the reins of the company for she will take it to another level," says Wylde.
Gilmartin says she made her first dispiriting decision in her new role last month, when she decided to pull the plug on a possible deal in Manhattan because of the high cost of the land. "I felt uncomfortable and stopped bidding," she says.
