The Real Deal New York

Posts Tagged ‘forest city enterprises’

  • 625 Fulton Street in Downtown Brooklyn and

    From left: 625 Fulton Street in Downtown Brooklyn and MaryAnne Gilmartin

    Forest City Enterprises has agreed to sell its development site at 625 Fulton Street in Downtown Brooklyn to Simon Dushinsky’s Rabsky Group for $158 million.

    Forest City bought the property in 1989. In 2013, the company demolished the 359,000-square-foot office building that occupied the site, with plans to construct a new residential tower there. [more]

  • Forest City Realty Trust

    From left: Charles Ratner and David LaRue

    Forest City Enterprises received approval from shareholders Tuesday for the company’s planned conversion into a real estate investment trust, with the Cleveland-based firm set to convert to REIT status on January 1, 2016.

    Shareholders “approved all of the proposals” related to Forest City’s planned REIT conversion at a special meeting, the company said in a release. The new REIT will be known as Forest City Realty Trust effective January 1 and will continue to trade on the New York Stock Exchange under the symbols FCEA and FCEB. [more]

  • Ifei Chang and construction at Greenland Forest City's Pacific Park in Prospect Heights (credit: TerraCRG)

    Ifei Chang and Greenland Forest City’s Pacific Park in Prospect Heights (credit: TerraCRG)

    Greenland Forest City Partners filed plans Monday for the latest component of its Pacific Park development in Brooklyn – a 26-story mixed-use residential tower that houses a 1000,000-square-foot public school. [more]

  • Rendering of 615 Dean Street in Prospect Heights (credit: Kohn Petersen Fox)

    Rendering of 615 Dean Street in Prospect Heights (credit: Kohn Petersen Fox)

    Greenland Forest City Partners unveiled renderings and additional details for the latest condo tower at the Pacific Park development in Prospect Heights –a 26-story, 250-unit building at 615 Dean Street. [more]

  • Mikhail Prokhorov and a Brooklyn Nets game at Barclays Center

    Mikhail Prokhorov and a Brooklyn Nets game at Barclays Center

    Forest City Enterprises reportedly found a buyer to offload its stake in the NBA’s Brooklyn Nets and the Barclays Center in Prospect Heights – and unsurprisingly, it’s none other than Russian oligarch and Nets majority owner Mikhail Prokhorov. [more]

  • Mikhail Prokhorov and a Brooklyn Nets game at Barclays Center

    Mikhail Prokhorov and a Brooklyn Nets game at Barclays Center

    Forest City Enterprises bought more time on their ownership stake of the Brooklyn Nets, reaching a deal Wednesday with majority owner Mikhail Prokhorov to extend a payment owed to the Russian oligarch until Sept. 8. [more]

  • From left: Barclays Center and Bruce Ratner

    From left: Barclays Center and Bruce Ratner

    If Forest City Enterprises is unable to divest its stake in the Brooklyn Nets by August 12, it will owe partner Onexim Group — led by Russian billionaire and Nets majority owner Mikhail Prokhorov — $25 million as part of a forbearance agreement made in 2013, plus an additional $6.3 million to fund its share of the team’s capital call for the upcoming NBA season. [more]

  • Forest City plans to convert to a REIT

    January 14, 2015 09:06AM
    From left: Barclays Center and Bruce Ratner

    From left: Barclays Center and Bruce Ratner

    To take advantage of tax benefits, Forest City Enterprises is planning to convert to a real estate investment trust. [more]

  • nets

    From left: Mikhail Prokhorov and Bruce Ratner

    Less than two months after Forest City Enterprises announced plans to sell its 20 percent stake in the Brooklyn Nets, the team’s majority owner, Mikhail Prokhorov, said he will cut back on spending. The team is seeking about $200 million for Forest City’s share, which would peg the value of the NBA team at $1 billion.

    Prospective bidders have expressed concerns they would need to cover substantial losses in addition to investing $200 million, the New York Post reported. The team racked up a loss of about $50 million last year. [more]

  • From left: Greenland's Zhang Xuliang, an Atlantic Yards rendering (Credit: SHoP) and Bruce Ratner

    From left: Greenland’s Zhang Xuliang, an Atlantic Yards rendering (Credit: SHoP) and Bruce Ratner

    Shanghai-based Greenland Group is making a contribution of roughly $200 million in exchange for a 70 percent equity interest in Forest City Enterprises’ Atlantic Yards development, not including the Barclays Center and B2, the project’s first residential building. [more]

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  • atlantic-yards-david-larue

    Atlantic Yards rendering and David LaRue

    The $500 million that Forest City Ratner invested in their Atlantic Yards megaproject in Brooklyn may be worth less than half that amount, according to a filing by the developer with the Securities and Exchange Commission this week.

    “Clearly, we are disappointed,” said David LaRue, chief executive of Forest City Enterprises. [more]

  • david-larue-forest

    Barclays Center and Forest City Enterprises’ David LaRue

    Forest City Enterprises has been mixing business and politics for the past decade, swapping $23 million in campaign donations for $2.6 billion in government funds, according to a new report cited by the New York Post. [more]

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  • 10 MetroTech and Forest City Enterprises CEO David Larue

    10 MetroTech and Forest City Enterprises CEO David Larue

    A Brooklyn office building that Forest City Ratner has owned since 1989 is slated for demolition for the development of housing, according to vociferous Atlantic Yards critic Norman Oder, writing for the New York Observer. The seven-story, 359,000-square-foot property dubbed 10 MetroTech Center has a $40 million mortgage that’s in default. [more]

  • This month in real estate history

    December 27, 2012 03:30PM

    Mayor Ed Koch

    From the December issue: Mayor Ed Koch and other city officials unveiled an agreement with Forest City Enterprises and the Polytechnical Institute of New York to build a $340 million office, retail and research complex in Downtown Brooklyn 28 years ago this month. The City Hall announcement identified Cleveland-based Forest City as the main developer for the MetroTech Center project, which received a 99-year lease and 22 years of tax abatements as part of the deal. In addition, Polytechnical was selected to build a $12.4 million library. [more]

  • From left: Zerhy Jereis, the Ridge Hill development and Sandy Annabi

    A former Yonkers councilwoman was sentenced to six years in prison for accepting bribes in exchange for her vote on real estate deals, the New York Post reported.

    Sandy Annabi, who voted with developers on deals — including the high-end mixed-use development Ridge Hill in Yonkers — was also ordered to pay more than $1.4 million in fines and restitution, the Post said. The shopping and residential center’s developer of that project, Forest City Enterprises, was not charged, according to previous reports. [more]

  • From left: Queens Place and Nine Metrotech

    Forest City Ratner’s Cleveland-based parent company Forest City Enterprises completed more than $300 million in property financings in the quarter ending Jan. 31, 2012, including two worth a combined $163 million in New York City, it announced today.

    The company closed a 10-year, $87 million loan for Queens Place, a 455,000-square-foot, five-level retail center on Queens Boulevard. It also purchased the existing $75 million loan at Nine Metrotech, a 317,000-square-foot office building in the MetroTech Center office campus in downtown Brooklyn, and then closed a new 10-year, $63 million loan for the same property. [more]

  • Forest City sees losses of $41.9M

    December 09, 2011 12:57PM
    From left: David LaRue and a rendering of Atlantic Yards

    Forest City Enterprises, developer of the Barclay’s
    Center at Atlantic Yards, reported third-quarter losses of $41.9
    million, or 25 cents per share, according to a report from
    International Business Times. Leasing difficulties at a Florida mall and disposition of an office building in Cleveland were cited as main reasons for the third quarter net loss.
    The company saw $4.3 million in losses from vacancies in two Brooklyn
    office properties, $4 million
    in write-offs from stalled development projects, and $3.3 million in losses
    from slower-than-expected leasing at 8 Spruce Street, the Frank
    Gehry-designed residential tower. The company said it has
    leased 550 of 903 apartments in the building. … [more]


  • Clockwise from upper left: Daniel Shallit, director of Northeast development at the Sports Authority, Dennis Bachman, a senior real estate representative for Wakefern Food, Bronx Terminal Market, Larry Rose, a principal with advisory firm RK Realty Advisors, Patrick Smith, vice president of real estate for BJ’s Wholesale Club, Michael Shanahan, vice president of real estate at Burlington Coat Factory, and developer Ken Narva

    Developers have built too much parking garage space in some of the city’s newest mall developments including the Gateway Center at the Bronx Terminal Market, according to real estate professionals speaking at a panel this morning at the International Council of Shopping Centers New York convention.

    Parking floors are sitting mostly empty in some projects even as the overall mall might do well, the retail owners and brokers said.

    “What that really tells you going forward is that there is a case to be made that you don’t necessarily need as much parking if it is just urban vertical retail,” said Larry Rose, a principal with advisory firm RK Realty Advisors.


  • From left: David LaRue of Forest City Enterprises, 8 Spruce Street and DKLB BKLN

    Forest City Enterprises and National Real Estate Advisors announced agreements to restructure the financing at 8 Spruce Street, the Frank Gehry-designed 76-story rental tower in Lower Manhattan and at DKLB BKLN the luxury tower in Fort Greene, Brooklyn, saving the companies hundreds of millions of dollars in debt payments.
    The development is key for Forest City, the parent firm of Forest City Ratner, as this $876 million rental tower, formerly known as the Beekman, was under pressure to bring in enough renters to become profitable in a market that is just getting its sea legs.

    “By extending the bank credit facilities, it allows for additional time for economic conditions and rents to further improve before refinancing is necessary,” said David LaRue, CEO of Forest City Enterprises, in a statement. … [more]

  • Joanne Minieri stepped down as president of the New York subsidiary of Forest City Enterprises today, the same day the firm sold 49 percent of its stake in 15 New York City properties. Minieri will continue to advise the New York arm, Forest City Ratner, on major projects, but will launch her own venture geared towards consulting real estate developers and financial services companies.

    Minieri joined Forest City Enterprises in 1995 and was promoted to president and COO in 2007. As president she has been closely involved in Forest City’s Atlantic Yards project including breaking ground on the Barclays Center that will be home to the Nets.TRD[more]