Bruce Ratner Net Worth

What is Bruce Ratner's net worth?

Bruce Ratner is an American real estate developer who has a net worth of $400 million. Bruce Ratner emerged as one of New York City's most influential and controversial real estate developers, leaving an indelible mark on Brooklyn's landscape through ambitious development projects and sports franchise ownership. As the founder and former CEO of Forest City Ratner Companies, he transformed Downtown Brooklyn with major commercial developments in the 1980s and 1990s.

Bruce Ratner is best known for his involvement with the New Jersey Nets and its transition into the Brooklyn Nets. Ratner bought the New Jersey Nets in 2004 from a company called YankeeNets for $300 million. Producer/rapper/entrepreneur Jay-Z. Jay-Z owned a 1/15th stake. In 2005, Ratner and Jay-Z announced a plan to move the Nets to Brooklyn. In 2009, Russian tycoon Mikhail Prokhorov agreed to buy 80% of the Nets for $200 million and would provide a $700 million loan to build the new Barclays Center, which would be the new home the the re-named Brooklyn Nets.

His crowning achievement, the Atlantic Yards project (later renamed Pacific Park), sparked intense debate about urban development, gentrification, and the use of eminent domain, while simultaneously reshaping Brooklyn's downtown area into a major entertainment and residential hub.

Early Life and Education

Born on January 23, 1945, in Cleveland, Ohio, Ratner grew up in a Jewish family with a strong business background. His brother and uncles were successful real estate developers in the Cleveland area. He attended Harvard University, earning his bachelor's degree in 1967, and went on to graduate from Columbia Law School in 1970. Rather than immediately entering real estate, Ratner began his career in public service, demonstrating an early interest in urban affairs and community development.

Public Service and Transition to Real Estate

In the 1970s, Ratner served as New York City's Consumer Affairs Commissioner under Mayor Ed Koch, where he gained valuable experience in city governance and public policy. This position provided him with crucial insights into city operations and helped him build relationships that would later prove valuable in his real estate career. In 1985, he founded Forest City Ratner Companies, a subsidiary of his family's Forest City Enterprises, marking his entry into private development.

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Transforming Downtown Brooklyn

Ratner's early development projects focused on revitalizing Downtown Brooklyn. His company developed MetroTech Center, a $1 billion office complex that helped retain back-office operations for major financial institutions in New York City. The project, completed in the 1990s, became a model for urban commercial development and demonstrated Ratner's ability to execute large-scale projects in challenging environments. He followed this success with other significant developments, including the Atlantic Terminal Mall and the Atlantic Center.

The Brooklyn Nets and Barclays Center

The acquisition of the New Jersey Nets in 2004 marked Ratner's entry into professional sports ownership. His vision included relocating the team to Brooklyn as part of a larger development project. After years of legal battles and community opposition, the Barclays Center opened in 2012, bringing major professional sports back to Brooklyn for the first time since the Dodgers left in 1957. The arena became the centerpiece of his Atlantic Yards development and has hosted numerous high-profile sporting events and concerts.

Legacy and Controversy

Ratner's development projects, particularly Atlantic Yards, generated significant controversy. Critics argued that his use of eminent domain displaced residents and small businesses, while supporters praised his vision for urban renewal and economic development. The project faced numerous lawsuits and community protests but ultimately proceeded, albeit with modifications to the original plan. His legacy includes both the physical transformation of Brooklyn and ongoing debates about the role of private developers in shaping urban communities.

Later Career and Transition

In 2013, Ratner stepped down as CEO of Forest City Ratner Companies but remained executive chairman. He sold his stake in the Brooklyn Nets and the Barclays Center in 2016 to Mikhail Prokhorov, marking the end of his involvement in sports ownership. Under his leadership, Forest City Ratner Companies developed over 11 million square feet of property in the New York metropolitan area, significantly impacting the region's real estate landscape and economic development.

His brother, Michael Ratner, is a prominent attorney in New York and his sister, Ellen Ratner, is a news analyst for Fox News. Bruce Ratner is also very active in the New York community through educational and charitable organizations.

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