FCR Construction Downfall

FCR Construction Downfall
Student’s Name
University
Course
Professor
Date
FCR Construction Downfall
Forest company Ratner was a commercial company in the United States of America that specifically dealt with the development agenda in the construction industry. The CEO of the company by the year 2009 when the limitations of its development were implemented was Mary Ann Gilmartin.
FCR had not foreseen the choice with which they were faced in march 2009
In my opinion FCR construction company was totally no prepared to face the choice made by the government in the year 2009, where the United States of America government was struggling with its economy, and the number of job losses was nearly 800,000 monthly. As a result, the incoming president ordered FCR to stop its construction project halfway. However, it seemed that the FCR might have predicted the choice they were forced to make by the United States of America government in 2009 (8 Spruce Street). For example, by the time the government of America was ordering Forest City Ratner to stop its construction by halfway, that is the year 2009, its Condo market in Lower Manhattan was experiencing significant developments and achievements. A good example is the construction of 99 john street, 20 pine street, and maybe lastly, construction of other small condo conversions had also been put into considerations still in that specific area.
Additionally, another piece of evidence proving that Forest City Ratner had predicted and prepared itself to the choice the government was coming to make in the year 2009 is how they doubled the prices per square foot while selling their properties. In the period between the years 2002 and 2008, the prices had doubled from 478 us dollars to 1030 us dollars (8 Spruce Street). As a result, FCR decided to build condos in the remaining upper building to compensate for the loss since the price of condos was high, and people had tolerated it. This is because the FCR felt that by selling units using condos, it would have practiced a fair business since the 2000 dollars per square meter market average would be outperformed by eight spruces. This is because the development would fall specifically at the Condos market ultra-luxury area, a very small section at the New York City Condo market, thus making it very easy to manage. However, the FCR team knew any downfall or crisis in the economy of the United States of America would significantly affect their project and gain great loss. As a result, the potential return of their project definitely would be below. To have surety in their project, they had to make sure that the project would be an enormous success as it was being converted into real estate of residents. The choice FCR was making was not obvious or even direct. However, it was just applying all means purposely for survival because of the government's limitations.
I would not halt the construction process if I was in a position of Gilmartin.
Gilmartin and the rest of the FCR team were left in shock after a surprise government announcement to limit the construction by halfway. Honestly, if I were Gilmartin, I would not have altered the construction process. However, I would continue with the construction but focus on mostly r...