Streams

Financial 411: Forest City Ratner Makes Its Stamp on the City

Monday, April 04, 2011

Oil, Gas Prices Rises on Mid-East Unrest

Fighting in Libya and unrest throughout the Middle East sent the price of a barrel of oil soaring to more than $108. That's a 30-month high. The price of gas continues to rise too. The Energy Department said an average gallon now costs $3.68 cents, up 9 cents from last week. In New York State, it's $3.84.

Toyota to Close North American Factories

A spokesman for Toyota said a shortage of parts in disaster-stricken Japan is likely to force the company to shut down its North American factories. The shutdowns will likely take place later this month, and affect about 25,000 workers. No layoffs are expected, and the length of the shutdowns is still unknown.
   
Markets

The Dow ended with a gain of 23 points to close at 12,400.

The S&P 500 was up slightly, but remained virtually unchanged at 1,333.

The NASDAQ fell slightly, ending at 2,790.

Forest City Ratner and Financial Risks

A basketball arena in Brooklyn. A soaring, sculptural tower in downtown Manhattan. A flashy, new headquarters for a major newspaper. Those are some of the projects in development or recently completed by Forest City Ratner.

The real estate developer is putting its stamp on our city, and taking on some pretty big financial risks to do so.

So writes Eliot Brown in today's Wall Street Journal. He talks about the controversy surrounding the Atlantic Yards basketball arena and residential complex, as well as several other financially risky projects the developer is undertaking.

A Look at the Week Ahead

The big news this week is the battle in Congress over this year's current budget and next year's. There's yet another threat of a government shut down if lawmakers can't ink out a deal. WNYC's Business Editor Charlie Herman said it looks like Democrats and Republicans are finding some common ground on this year's budget — but there are no guarantees. And, he said, House Republicans are set to propose their spending plan for 2012 this week as well, setting the battleground for the 2012 election.

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Comments [1]

Victor Jaroslaw from Brownstone Brooklyn

I heard this story out of the 'corner of my ear,' and was immediately riveted; unfortunately I missed a bit- but the audio and / or transcript, for some reason, was never made available. Are Mr. Ratner's lawyers challenging the story of his possible tottering at some financial brink?

When I see the barren lots, stretching for blocks, of the Atlantic Yards 'development'- which once were perfectly sound industrial buildings or even homes, and may yet become giant parking fields for a Russian oil-financed and environmentally questionable stadium rather than the dangled lure of affordable housing- I can’t but help thinking of Joni Mitchell’s decade-defining song about the ‘parking lot.’

Actually, the terms ‘Tahrir Square’ or ‘People’s Park’ spring into my mind. If this was the Sixties, or better still, the Thirties, this so-called 'development' would never have seen the light of day. History and memory however, have been- and are daily being- erased. Unfortunately, this is where we’re at, and Billionaires (our Mayor included) rule.

Apr. 08 2011 08:46 AM

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