atlantic yards in the nytimes today.

 

will ya lookit all the hustling the ratners do for not cleveland...i'm just sayin...  :|

 

 

Atlantic Yards’ Developer Races a Court Hearing, a Bond Deadline and Opponents

 

 

By CHARLES V. BAGLI

Published: August 9, 2009

 

Demonstrators rallied against Bruce C. Ratner’s Atlantic Yards development on July 29. A court hearing on the Brooklyn project is scheduled for Oct. 14.

 

As the usual tumult greeted the final public hearings on the Atlantic Yards development last month, it was business as usual for the developer Bruce C. Ratner.

 

He visited three rating agencies in preparation for selling bonds this fall to finance the first project in the 22-acre development near Downtown Brooklyn: an $800 million, 18,000-seat arena for the New Jersey Nets.

 

He flew to Moscow to meet with the billionaire Mikhail D. Prokhorov about investing in the money-losing Nets.

 

He went to and from City Hall and the state’s economic development offices on Third Avenue to complete the paperwork for the Atlantic Yards development and to start work on the arena.

 

“We are racing to the finish line,” Mr. Ratner said in an interview as the public hearing drew to a close. “Our sense is that while this project was important five years ago, it has become even more important given the economy and the job situation in the city.”

 

Aside from the rebuilding of the World Trade Center, Atlantic Yards is the largest project in the city moving forward. The redevelopment of the 26-acre Hudson Yards in Manhattan and dozens of other projects have been slowed or stopped by a flagging economy and a lack of real estate financing.

 

But Mr. Ratner must clear a number of important hurdles before starting construction of the arena and the first four residential towers.

 

There is an Oct. 14 hearing before the state’s highest court, where opponents hope to scuttle Atlantic Yards by challenging the state’s use of eminent domain. Beyond that, there is a looming deadline: he must get the financing done and start work by Dec. 31 in order to qualify for a much needed tax-exempt bond status and hold on to a $400 million naming-rights deal with Barclays Bank for the arena.

 

Mr. Ratner acknowledged that he was also seeking additional investors for the Nets, but he said he and his company would retain a substantial stake in the team, which he hopes to move to Brooklyn during the 2011-12 season.

 

Mr. Ratner has already pared back the cost of the arena from $1 billion and replaced the original architect, Frank Gehry, with the firm of Ellerbe Becket, which has designed a number of basketball arenas. At the same time, he struck new agreements with both the Metropolitan Transportation Authority, which owns the railroad yard where Mr. Ratner wants to build the arena, and the state to revise his original plans.

 

Officials have given him more time to build eight acres of publicly accessible open space and as many as 16 buildings and 6,400 apartments, while allowing him to replace the railyard with a smaller, less expensive yard than originally planned. About 40 percent of the housing would be built for low-, moderate- and middle-income families.

 

Critics, led by the group Develop Don’t Destroy Brooklyn, contend that Atlantic Yards will overwhelm the neighborhood and unfairly benefit a developer who they say has received too many subsidies, including $305 million from the city and the state, along with tens of millions of dollars in tax breaks.

 

The Court of Appeals has set an Oct. 14 date for oral arguments: some local property owners are challenging a unanimous lower court decision approving the state’s use of eminent domain. Daniel Goldstein, a spokesman for Develop Don’t Destroy and one of the property owners, said “the project is dead” if their appeal is successful. A decision is expected in November.

 

Regardless, he added, “We plan on bringing at least two more significant lawsuits against the phantom project,” a reference to the developer’s failure to release new images of his buildings after scrapping the original designs.

 

Mr. Ratner said he expected to release new images of the arena before Labor Day. “I think the final architecture will be really beautiful,” he said.

 

The developer disputed critics who claim that he may never build the parks and affordable housing that he once promised, now that the expected completion date has been pushed out to 2019, from 2016. Mr. Ratner said there was a continuing need for affordable housing for the city’s teachers, nurses, firefighters and hotel workers.

 

“There is a stable and steady group of takers for work-force housing in the city,” Mr. Ratner said. “The goal is not just to create the required amount but possibly more than that.”

 

In recent weeks, the developer has sought additional housing subsidies from city officials, who have so far declined to go beyond the standard incentives for developers. The project’s underwriters, led by Goldman Sachs, are also preparing to sell about $700 million in bonds for the arena in October.

 

Some real estate executives and critics said it would be hard to sell the bonds for such an uncertain project. But Jay Abrams, a bond analyst at FMS Bonds, said there “is definitely an appetite for tax-exempt bonds in New York, and elsewhere.” The lawsuit, he added, “is not necessarily a game-killer. At the right price, there’s always a buyer for bonds.”

 

http://www.nytimes.com/2009/08/10/nyregion/10yards.html?_r=1

Interesting...

 

http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/08-25-2009/0005082625&EDATE=

 

Forest City Named Program Manager for Redevelopment of San Juan, P.R. Waterfront

 

CLEVELAND, OH UNITED STATES

 

CLEVELAND, Aug. 25 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that a subsidiary has been selected by the Puerto Rico Department of Economic Development and Commerce (DDEC) and the Puerto Rico Tourism Company to become the program manager for the redevelopment of a 21-block area of San Juan's waterfront district.

 

Forest City will provide wide-ranging program management services on a fee basis for the project, which is proposed to include residential, hotel, office, retail and parking components, as well as public parks, including a marina.

 

The 100-acre site is located just east of the historic Old San Juan district on the San Antonio Channel in the area of San Juan known as the Isleta. The site includes nearly two miles of waterfront.

 

"We are honored to be selected and extremely excited to provide our full array of development management services for the redevelopment of San Juan's waterfront," said Charles A. Ratner, Forest City president and chief executive officer. "This is precisely the type of project - including elements of urban infill, revitalization and waterfront redevelopment - that Forest City has experience with and does well. This selection also reflects our continued strategic expansion into asset management and third-party advisory services," he added.

 

The decision to choose Forest City to manage the redevelopment of San Juan's waterfront was the result of DDEC's recent open request-for-qualifications process, which attracted more than 30 initial bidders. A definitive agreement is expected within the next several weeks. This is Forest City's second project in Puerto Rico, the first being the former U.S. Navy property at Sabana Seca.

 

During the proposal phase, the company teamed with San Juan-based PG Engineering Solutions, as well as Strategic Advisory Group of Atlanta, in its bid for the project. Forest City and DDEC will work together to build a full development advisory team for the project.

 

 

About Forest City

 

Forest City Enterprises, Inc., is an $11.7 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.

until? dont they mean if its complete?  :evil:

 

 

New Jersey Nets may move to Prudential Center until Brooklyn's Atlantic Yards project is complete

 

BY Julian Garcia

DAILY NEWS SPORTS WRITER

 

Saturday, October 24th 2009, 4:00 AM

 

Brook Lopez and the Nets might end up playing in Newark at the Prudential Center before moving to Brooklyn.

Related News

 

In a statement handed out at Friday night's preseason game at St. John's, Nets CEO Brett Yormark said the Nets could abandon their outdated East Rutherford arena for the two-year-old Prudential Center in Newark while they wait for the Barclays Center to be built in Brooklyn. Yormark said that once the Brooklyn deal is finalized, "we may consider an agreement to play our home games at the Prudential Center through the time we move to our new home...in the 2011-2012 NBA season."

 

The Nets have played at Meadowlands Arena since 1981 and have suffered from poor attendance for years.

 

Read more: http://www.nydailynews.com/sports/basketball/2009/10/24/2009-10-24_new_jersey_nets_may_go_to_newark_before_brooklyns_atlantic_yards_project_is_comp.html#ixzz0UyvhraQH

 

Looks like Atlantic Yards has cleared some legal hurdles (3+ years) over the use of eminent domain.  Tax exempt bonds are being sold to finance part of the project, just in case some one was interested in supporting RMS.

 

 

Atlantic Yards Project in Brooklyn Clears Legal Hurdle

BY Charles Bagli

NY Times

 

The last major obstacle to a groundbreaking for the $4.9 billion Atlantic Yards development in Brooklyn fell Tuesday when New York’s highest court, the Court of Appeals, dismissed a challenge to the state’s use of eminent domain on behalf of the developer, Bruce C. Ratner.

 

“Once again the courts have made it clear that this project represents a significant public benefit for the people of Brooklyn and the entire city,” Mr. Ratner said. “Our commitment to the entire project is as strong today as when we started six years ago. Today, however, this project is even more important given the need for jobs and economic development.”

 

Full article at: http://www.nytimes.com/2009/11/25/nyregion/25yards.html?hp

Looks like Atlantic Yards has cleared some legal hurdles (3+ years) over the use of eminent domain.  Tax exempt bonds are being sold to finance part of the project, just in case some one was interested in supporting RMS.

 

 

Atlantic Yards Project in Brooklyn Clears Legal Hurdle

BY Charles Bagli

NY Times

 

The last major obstacle to a groundbreaking for the $4.9 billion Atlantic Yards development in Brooklyn fell Tuesday when New York’s highest court, the Court of Appeals, dismissed a challenge to the state’s use of eminent domain on behalf of the developer, Bruce C. Ratner.

 

“Once again the courts have made it clear that this project represents a significant public benefit for the people of Brooklyn and the entire city,” Mr. Ratner said. “Our commitment to the entire project is as strong today as when we started six years ago. Today, however, this project is even more important given the need for jobs and economic development.”

Full article at: http://www.nytimes.com/2009/11/25/nyregion/25yards.html?hp

 

 

 

Hey Bruce, how about applying that same logic in your company's home town??  ::)

 

^ yeah not to mention his own home town.

 

hmm, the newark nets. has a nice ring of class to it.

 

seriously i could have sworn i saw i little bit of action around ay recently. i'll have to check again when i get a chance. i think that shady russian bazillionaire that bought in may have bailed this project out of the dust, we'll see.

fcr's atlantic yards barclays center news pdf:

 

http://barclayscenter.com/pdf/masterclosing.pdf

Russian billionaire closes Nets deal with Forest City subsidiary

By Michelle Jarboe, The Plain Dealer May 12, 2010, 2:46PM

 

CLEVELAND -- Forest City Enterprises Inc. (NYSE: FCE-A) announced today that its New York subsidiary has closed a deal by which entities controlled by Russian billionaire Mikhail Prokhorov are acquiring an 80 percent stake in the New Jersey Nets basketball team.

 

The arena is the centerpiece of the 22-acre Atlantic Yards project, a mixed-use development planned by Forest City Ratner Cos. The agreement with Prokhorov also gives Onexim the right to buy as much as 20 percent of the Atlantic Yards Development Co., which will develop the non-arena portions of the project.

 

Forest City owned a 22 percent stake in the Nets and was the managing member of the investor group behind the team. Forest City, Nets Sports and Entertainment and Onexim announced the deal in September. The NBA's board of governors approved the transaction May 11.

 

http://www.cleveland.com/business/index.ssf/2010/05/russian_billionaire_closes_net.html

Scranton Peninsula anyone???

 

Forest City plans to shed most of its land, in shift away from volatile home-building business

Published: Thursday, February 02, 2012, 8:00 PM    Updated: Friday, February 03, 2012, 12:49 PM

Michelle Jarboe McFee, The Plain Dealer

 

 

CLEVELAND, Ohio -- Forest City Enterprises Inc. built an empire of office buildings, shopping centers and apartments on the foundation of buying and selling land for homes.

 

Now the real estate company, based in Cleveland, hopes to exit the land business, shedding undeveloped chunks of subdivisions in Ohio and other states.

 

http://www.cleveland.com/business/index.ssf/2012/02/forest_city_plans_to_shed_most.html

Scranton Peninsula anyone???

 

 

Probably/hopefully they would sell Scranton Peninsula.

 

But if FCE is selling off property, especially in the home-building side, then why did FCE acquire land across Superior from Tower City at West 6th? They did that right around the same time the Downtown Cleveland Alliance and the Historic Warehouse District asked RTA to revive the West Side Transit Center project for that block. And, above FCE's land, atop the transit center, a 13-story apartment building is proposed.

 

I dunno... All sounds too convenient and too potentially connected to me to be a coincidence.

Scranton Peninsula anyone???

 

 

Probably/hopefully they would sell Scranton Peninsula.

 

So who in their right mind would by that property and what would they do with it?  It's not connected to anything, not a neighborhood, not a commercial district, and lies in the flood plain.  Assuming you had a viable use in mind, and could obtain financing from who knows where, given the heavy industrial past, you'd have to assume some major environmental issues.  Sounds like a real sweet deal for someone.

So who in their right mind would by that property and what would they do with it? 

 

.......Sounds like a real sweet deal for someone.

 

 

So which is it? A crazy move to buy Scranton Peninsula? Or a sweet (and thus shrewd) deal for someone?

 

And why mention floodplain? When was the last time that land flooded? I'll give you a clue.... it was before Republic Steel built a multi-million-dollar steel mill on it -- 30 feet above the river's average water level.

Think he was being sarcastic.  I always envisioned this area as a nice potential area for a park with greater access to the river.

I have no idea where to put this, but Ive heard Forest City is all into lifestyle centers now. But I think we are lucky, as I believe they are interested in developing them out of state. But extreme lifestyle centers. They want you to never have to leave. Including even schools.

^I think Forest City is redeveloping the old Stapleton Airport location in Denver.  That's basically a giant lifestyle center if you want to call it that.  I would call it more like developing a brand new city with schools, utilities, shopping, streets, etc...

^ Indeed, Stapleton is a planned community, not a true lifestyle center. However, there are elements of lifestyle centers within Stapleton. Stapleton is more like a Reston or Summerlin with multiple styles of development and planning within its boundaries.

 

I'm not sure I'd say FCE is all in with lifestyle centers or planned communities. The bulk of their new developments seem to be mixed use. The Yards and Waterfront in D.C. are good examples of this. That said, the sheer size of Stapleton trumps everything they are doing at the moment.

I was just reporting what I heard from one employee.

fc took heat for not hiring locals during bklyn barclays center construction as promised...

 

 

http://www.metro.us/newyork/local/article/1141528--now-hiring-at-barclays-center-in-brooklyn

 

 

...but are now getting some praise for hiring pubic housing residents as it readies to open,

although jay-z was the one who really pushed for that:

 

 

http://www.nyc.gov/portal/site/nycgov/menuitem.c0935b9a57bb4ef3daf2f1c701c789a0/index.jsp?pageID=mayor_press_release&catID=1194&doc_name=http%3A%2F%2Fwww.nyc.gov%2Fhtml%2Fom%2Fhtml%2F2012a%2Fpr153-12.html&cc=unused1978&rc=1194&ndi=1

 

Construction Is Shut Down at Atlantic Yards Complex: Forest City/Skanska in dispute over modular multifamily housing  http://t.co/4FCK84Os2Z

The old Fairchild Chevy dealership site at Detroit Avenue and Beach Ave in Lakewood owned by Forest City Enterprises. I believe city law requires a property to be developed within 6 months of a demolition. It's been 10 yrs. Don't the laws apply to FCE?

 

Perhaps Forest City's vacant lot could be developed with transitional housing for new immigrants/refugees. There's lots of refugees from Nepal & Bhutan in this part of Lakewood. This is a Nepali/Bhutanese grocery store across the street from the FCE lot.

Forest City Enterprises Inc. board of directors approves plan to pursue conversion to real estate investment trust status

By CRAIN'S CLEVELAND BUSINESS

January 13, 2015 4:21 PM

 

Forest City Enterprises Inc. (NYSE: FCEA and FCEB) is making plans to enter a new era with a new corporate structure.

 

The Cleveland-based developer with a national reach announced late Tuesday, Jan. 13, that its board of directors has approved a plan for the company to pursue conversion to real estate investment trust status. Forest City said it expects to elect REIT status for the taxable year beginning Jan. 1, 2016.

 

"Today's announcement marks a major milestone for the future of Forest City," said Charles A. Ratner, Forest City’s chairman of the board, in a news release.

 

He said the company’s directors “reached this decision after extensive due diligence and thorough analysis of various alternatives. We believe the REIT structure supports our strategic direction as a company and enhances our ability to create long-term shareholder value."

 

MORE:

http://www.crainscleveland.com/article/20150113/FREE/150119950/forest-city-board-of-directors-approves-plan-to-pursue-conversion-to

^This is out of my area of knowledge---its good for the company, I take it, but is this a good or bad thing for CLE?

Bad for anyone collecting income tax off of the corporation.

Forest City Enterprises Inc. shops assets that include NE Ohio properties

By STAN BULLARD

Originally Published: March 15, 2015 4:30 AM  Modified: March 15, 2015 10:34 PM

 

In its drive to transform itself to a real estate investment trust to gain favor with stock investors, Forest City Enterprises Inc. is mulling some offerings that may trade a lot of real estate in the region that birthed it.

 

Even beyond the much-publicized desire to sell its Tower City Center retail complex and attached Skylight Office Tower and Post Office Plaza office buildings downtown, the company may shed or form joint ventures that will make big changes in its Northeast Ohio portfolio.

 

A list of potential asset dispositions that Forest City outlined for investors and stock analysts on Feb. 25 to provide some guidance of how much property it may trade includes specific references to the Tower City properties but a veiled one to its “Forest City Legacy Portfolio” that includes 33 apartment communities and four office buildings in Greater Cleveland, Chicago, Corona, N.Y., and other areas.

 

MORE:

http://www.crainscleveland.com/article/20150315/SUB1/303159980/forest-city-enterprises-inc-shops-assets-that-include-ne-ohio

It would be nice to see them sell off their holding on Scranton Peninsula and points and south into Tremont.

It would be nice to see them sell off their holding on Scranton Peninsula and points and south into Tremont.

 

Scaravelli Island? Haha.

It would be nice to see them sell off their holding on Scranton Peninsula and points and south into Tremont.

 

Great point. Now that Columbus peninsula is seeing investment, Scranton should be next. If it's not environmentally compromised anymore, then it's a wonderful opportunity. Scranton is a blank canvas -- the closest any part of the city is to the Create Game tab of SimCity.

^I drive Scranton everyday to get to work and I always think about what a wonderful residential neighborhood that could be if someone was bold enough to acquire the property and start from scratch.  Does anyone know how active those boat businesses are North of Carter?

May 26, 2015

Ground Broken on $65.6M Innovation Hub in East Baltimore

By Adrian Maties, Associate Editor

 

Forest City-New East Baltimore Partnership, a joint venture between Forest City Enterprises, Inc. and Presidential Partners LLC, is building a new innovation hub for life sciences in East Baltimore, just north of the Johns Hopkins medical campus. The project is called 1812 Ashland Avenue and is expected to cost $65.6 million.

 

Ground was broken on Friday, May 15. The new laboratory and office building will have seven levels and about 168,000 square feet of space. It will be the newest addition to the Science + Technology Park at Johns Hopkins and part of the 88-acre East Baltimore Development Inc. renewal area, which is also developed by Forest City-New East Baltimore Partnership.

 

MORE:

http://www.cpexecutive.com/cities/baltimore/ground-broken-on-65-6m-innovation-hub-in-east-baltimore/1004120055.html

^Kinda crazy Forest City will invest in Baltimore, but not Cleveland.

I would think (but have no insider knowledge) that they'd eventually invest in a large project on the Scranton Peninsula. Look at all the stuff going on around it and through it--Towpath, Lake Link, Brickman's development up top in Duck Island, Rivergate, CRF and the Foundry, Canal Basin, Tremont, Ohio City, Downtown----it will be encircled by projects that will make this land a perfect place for high end housing (after getting public money to foot the bill for environmental clean up).

^ Yeah, that would be an awesome and transformative project for the city, and a big developer like Forest City would be the kind of company that could get it done. But unfortunately, it just seems like FC doesn't really care about Cleveland.

Does Forest City care about Baltimore outside of a cushy gig with Johns Hopkins?

Sort of OT, doesn't Jacobs or another big player already own a lot of that land on the Scranton Peninsula?

^It's probably not that Forest City doesn't care about Cleveland, its more so that Cleveland is not one of their core markets. More specifically Cleveland is currently a city that can not currently complete economically/demographically with the cities in the below excerpt from Forest City's web page"

 

"We are especially active in our core markets – New York, Washington, D.C., San Francisco, Boston, Dallas, Los Angeles and Denver – where we have overcome high barriers to entry and developed a unique franchise. These are great urban markets with strong demographics and good growth potential."

 

Even Baltimore with ties to the DC area has stronger demographics than the Cleveland area.

 

At the end of the day it is a business and if they can't justify an investment then this publicly traded company will not make that investment.

They still own a good deal of property in and around the region and perhaps someday soon market conditions will be such that doing another huge project here will make sense.

I would think (but have no insider knowledge) that they'd eventually invest in a large project on the Scranton Peninsula. Look at all the stuff going on around it and through it--Towpath, Lake Link, Brickman's development up top in Duck Island, Rivergate, CRF and the Foundry, Canal Basin, Tremont, Ohio City, Downtown----it will be encircled by projects that will make this land a perfect place for high end housing (after getting public money to foot the bill for environmental clean up).

 

It has been reported time and time again that Forest City's plans and strategies are to only invest in a few large and growing US markets.

And the key is publicly traded. If Forest City can't please Wall Street, then they won't pursue it.

 

If Forest City ever does develop its Scranton Peninsula property, it would probably do so as an inactive partner -- ie: allowing another developer access to its property and to assume the risk of developing its land.

 

As for the polluted soil from the former Republic Steel mill complex that occupied Scranton Peninsula, I have to wonder how far below that ever-growing "Mount Scranton" pile of fill dirt that pollution sits? :P

Forest City, as a REIT, plans to incorporate in Maryland but keep HQ in Cleveland

 

By Michelle Jarboe McFee, The Plain Dealer

Email the author | Follow on Twitter

on July 15, 2015 at 7:45 AM, updated July 15, 2015 at 8:05 AM

 

CLEVELAND, Ohio – Another venerable Northeast Ohio real estate company is plotting a name change, as Forest City Enterprises, Inc., prepares to morph into a real estate investment trust at the end of this year.

 

Forest City, an $8.8 billion business based in downtown Cleveland, filed a regulatory document Monday outlining potential changes that require a shareholder vote later this year. That vote, at a special meeting that hasn't been scheduled, will enable the company to change its corporate structure and keep its tax burden low.

 

Much of the lengthy document outlines the convoluted process of turning a longtime C-Corp into a REIT, a transformation that will allow the company to largely avoid federal taxes by distributing most of its taxable income as dividends. But a few tidbits of news popped up.

 

http://www.cleveland.com/business/index.ssf/2015/07/forest_city_as_a_reit_plans_to.html

Should we be worried about the incorporation in Maryland?  A bit similar to Eaton shifting its HQ to Dublin, Ireland for tax reasons.

 

Forest City shareholders approve company's REIT-conversion plan

 

By  Michelle Jarboe, The Plain Dealer 

Email the author | Follow on Twitter

on October 20, 2015 at 3:11 PM, updated October 20, 2015 at 5:25 PM

 

CLEVELAND, Ohio -- A well-known Cleveland real estate company will become a real estate investment trust on Jan. 1, after receiving a thumbs-up Tuesday from the majority of its shareholders.

 

Forest City Enterprises, Inc., received shareholder approval for the change during a special meeting at Tower City Center in downtown Cleveland.

 

The company, which has its headquarters offices in the Terminal Tower, is transforming from a C-Corp into a REIT mainly for tax reasons. Real estate investment trusts are largely exempt from paying federal taxes, but they must distribute most of their taxable income as dividends. Shareholders then pay taxes on those dividends.

 

 

The REIT will keep its headquarters in Cleveland, but the corporate entity was created in Maryland. Most publicly traded real estate investment trust incorporate in Maryland because of the state's REIT-friendly laws, which offer broad liability protections, buffers against hostile takeovers and relative flexibility when it comes to shareholder votes and bylaw amendments.

 

http://www.cleveland.com/business/index.ssf/2015/10/forest_city_shareholders_appro.html#incart_river_home

^No reason to worry. Companies routinely incorporate in other states to avail themselves of those states' corporate laws and courts. Delaware has the market cornered for more traditional corporate entities created by sophisticated actors. MD apparently has done the same for REITS. It doesn't even mean anything for tax purposes.

BREAKING: Forest City Enterprises cuts 51 jobs, including 45 in Cleveland https://t.co/WzinYdpsKv

And from Michelle:

 

http://www.cleveland.com/business/index.ssf/2015/12/forest_city_cuts_51_jobs_45_of.html

Forest City will sell stake in Brooklyn Nets, Barclays Center to Prokhorov

 

By Michelle Jarboe, The Plain Dealer

on December 22, 2015 at 6:22 PM, updated December 23, 2015 at 8:28 AM

 

CLEVELAND, Ohio -- Forest City Enterprises, Inc., ended months of speculation late Tuesday, when the company announced a deal to sell its stake in the Brooklyn Nets basketball team and the Barclays Center arena to Russian billionaire Mikhail Prokhorov.

 

Cleveland-based Forest City said the sale, approved by the National Basketball Association's board of governors this month, will close late this year or in early 2016. A Forest City subsidiary owns 20 percent of the team and 55 percent of the arena, which the real estate company developed as part of its broader Pacific Park Brooklyn project, then known as Atlantic Yards.

 

http://www.cleveland.com/business/index.ssf/2015/12/forest_city_will_sell_stake_in.html

I hate to ask stuff like this because I know if something happens we usually know here first. But what the heck happened to Forest City finally getting a buyer for Tower City. There were some articles a few months ago that indicated a sale was imminent. Then.... Nothing.

I hate to ask stuff like this because I know if something happens we usually know here first. But what the heck happened to Forest City finally getting a buyer for Tower City. There were some articles a few months ago that indicated a sale was imminent. Then.... Nothing.

 

The articles were about a prospective buyer gathering data on Tower City tenants to determine the financial viability of acquiring the property. A purchase of this size is a lengthy process.

Forest City sells modular division

New owner in talks with developers to get BK Navy Yard factory humming

October 05, 2016 07:18PM

By Rich Bockmann

 

Forest City Ratner sold off its modular-building business to a former vice president at the firm, ending the developer’s brief and largely unsuccessful experiment with the prefab initiative.

 

Full Stack Modular CEO Roger Krulak bought the “core assets” of FC Modular, which Forest City TRData LogoTINY used to build the 32-story 461 Dean Street apartment tower at Pacific Park. He said he is in talks with developers to contract pre-fab buildings out of the company’s Brooklyn Navy Yard factory.

 

Krulak, who had been the senior vice president of the group at Forest City that would eventually become FC Modular, declined to comment on financial terms of the deal, but said it comes with a long-term lease on a 100,000-square-foot warehouse and 85,000 square feet of storage at the Brooklyn Navy Yard.

 

MORE:

http://therealdeal.com/2016/10/05/forest-city-sells-modular-division/

The resignation of Ms. Presti, Forest City's EVP/General Counsel, isn't such a big deal. Her replacement will be a huge deal. If it's a local hire, maybe they do plan to stick around; if it's a New Yorker who rents a small apartment in Cleveland, they'll be gone in a year.

 

http://www.crainscleveland.com/article/20161103/NEWS/161109911/forest-city-executive-geralyn-m-presti-named-president-and-ceo-of

 

 

BREAKING: Forest City Realty Trust will eliminate dual-class stock structure; chairman Charles A. Ratner will retire https://t.co/tktlG9Ooqv

I wish FC would hurry up and sign that lease over at Key Tower already. They are making me nervous with all of these internal changes.

Forest City to sign lease at Key Tower:

 

http://realestate.cleveland.com/realestate-news/2017/02/forest_city_realty_trust_signs.html#incart_river_home