Bruce Ratner deal signals decline of New York real estate families
Eric Platt and James Fontanella-Khan
Financial Times
Jemal Countess | Getty Images
Forest City Ratner Companies Chairman and CEO Bruce Ratner, New York Mayor Michael R. Bloomberg, New York State Governer David Paterson, Brooklyn Borough President Marty Markowitz, Rapper and NETS investor Shawn 'Jay-Z' Carter and Barclays PLC President Robert R. Diamond pose for a photo at the ceremonial groundbreaking for Barclays Center at Atlantic Yards on March 11, 2010 in New York City.
Bruce Ratner stood, shovel in hand, near the corner of Flatbush and Atlantic avenues in Brooklyn in March 2010. Flanked by mayor Michael Bloomberg, Barclays' chief executive Bob Diamond and hip-hop artist Jay-Z, he was ready to break ground on the new home for the National Basketball Association's Brooklyn Nets: Barclays Center.
Mr. Ratner was by then a familiar figure on the New York scene, scion of a family real estate company, Forest City, which was aiming to make its name as well known as such traditional local property powers as the Dursts, the Speyers and the Rudins.
Last week, Forest City was sold for $11.4bn to Canada's Brookfield Asset Management, and even the buyer could grasp the poignance of the moment. Many of the renowned families of New York real estate were giving ground to companies such as Brookfield, Blackstone and The Related Companies, backed by pensions, endowments and sovereign wealth funds looking for higher yields than could be found in the bond markets.
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