Ratner Stands To Gain From Forest City’s N.Y.-Area Changes

Forest City Enterprises Inc. is “negotiating to increase its stake in its blossoming [N.Y.] real estate portfolio,” and Forest City Ratner President & CEO and Nets Owner Bruce Ratner “could receive $60[M] in cash and a stake in a new venture in exchange for dissolving his joint ownership in Forest City Ratner” according to Henry Gomez of the Cleveland PLAIN DEALER. The deal includes all 30 of Forest City’s completed N.Y.-area properties. The company said that ownership of projects in development, such as Atlantic Yards in Brooklyn — the future home of the Nets — “will not be determined until those projects are completed.” Gomez reports under the deal, Ratner is “expected to keep his title” at Forest City Ratner and “become an executive officer and board member of Forest City Enterprises.” Forest City did not “articulate a reason for the change” (Cleveland PLAIN DEALER, 8/4).