Citing Forest City’s inability to "meet a key provision of the deal", Saks Fifth Ave has decided to sever it’s ties with the controversial $685MM Ridge Hill development project. From a story reported in The Real Deal, a Forest City spokesman found it "hard to say" what might replace the high end retailer, noting it will take "creativity" to find the right answer.
In other news, Crain’s New York is reporting Forest City Ratner Cos. failure to make a mortgage payment as the reason it’s loan on the Metro Tech Center was placed on a "watch list". With a 97% occupancy rate and typically generating "more than twice the amount necessary to cover debt", the article finds it "puzzling" to see the the loan placed on the list.
