Closing Bell: Forest City's…Modest Proposal?

Forest City Ratner and Skanska are at it again… This time, Forest City sent out a letter asking to take over Skanska’s modular factory at the Navy Yard. They say it’s for the good of the 157 workers! We reached out to Skanska for comment, and they called the proposal “a propaganda exercise.” Click through to see the letter and Skanska’s response.

Here’s the response from Richard Kennedy, co-chief operating officer at Skanska USA Building:

By issuing this letter to the press prior to even sending it to its partner, Skanska Modular, Forest City has proven it is more interested in engaging in a propaganda exercise to take the public’s eye off the serious consequences of its failures at the B2 Project instead of simply fixing the commercial and design issues that led to the unfortunate need to shut-down the project and factory on August 27.  As for the letter itself, it is completely devoid of substance and Skanska Modular will address it consistent with the parties’ partnership agreement.  Again, Skanska remains hopeful commercial and economic sensibilities will prevail and that Forest City will resolve its problems at the B2 Project so we can get back to building and get the factory workers back to work. But, Skanska simply will not be coerced into surrendering its contractual rights by Forest City’s inappropriate tactics.

In case you’ve forgotten, the two companies sued each other in state Supreme Court this week, each filing a complaint about cost overruns building the B2 tower in Atlantic Yards.

Atlantic Yards Coverage [Brownstoner]

Photo by Curbed