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Developers Wield the Ax

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Lois Weiss on layoffs and Extell's plans for Riverside South: "Tishman Speyer Properties, Forest City Ratner and Extell Development are among those that have had layoffs, sources said. 'It looks like development is slowing down,' said Extell CEO Gary Barnett in a statement. 'We have been proactive and have reduced our staff by about 10 percent. All our projects that are in construction are moving forward and doing well.' Other sources said that Barnett and his partner in the Riverside South project, the Washington, DC-based Carlyle Group, are trying to determine the best use for remaining plots of land, including a commercial parcel of 2.8 million square feet that earlier stymied Donald Trump's development efforts as well." [NYP]