« Brooklyn arena foes hold protest | Main | Stadium loss is a win-win »
June 10, 2005
Forest City Reports Fiscal 2005 First-Quarter Results
Daily Business News Cleveland
Forest City Enterprises, the "mothership" of Cousin Brucie's subsidiary, announced first quarter earnings. Here's their update on the Brooklyn urban-open-air-closed-door-high-rise-mixed-use-lifestyle center:
In fiscal 2005, Forest City signed a memorandum of understanding to pursue Brooklyn Atlantic Yards. This long-term development project's main attraction and catalyst will be a new 850,000-square-foot arena for the Nets NBA basketball team, in which the Company is an investor. As anticipated, The Nets recorded a loss in the first quarter, and additional losses are expected in this segment for the balance of the year. Forest City's long-term objectives are to build a great franchise, move it to Brooklyn, and develop a large-scale, mixed-use real estate project. The Company is currently in the process of pursuing the appropriate entitlements and acquiring land.
Posted by lumi at June 10, 2005 6:28 AM