Forest City retracts promise to build AY this year

Forest City Enterprises yesterday stepped back from its promise to start building Atlantic Yards this year. The developer said in a press release yesterday that it “does not anticipate commencing any new vertical development in the near term.” But the company does expect to work on $331 million worth of long-term projects over the next four years. Forest City also announced that it will sell 40 million shares of Class A stock.