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September 14, 2005
Developer Has Mixed Record in Brooklyn
WNYC Radio
by Andrea Bernstein
Bernstein reveals an uncomfortable truth, about Forest City Enterprise's largest tenant:
One of the biggest employers [in Metrotech] is the City of New York.-The Fire Department has its headquarters here, and so does the Department of Information Technology and Telecommunications. According to city records, the city pays 32 million dollars every year to rent office space in these buildings it helped to build. Documents filed with the Securities and Exchange Commission show Forest City Enterprises, the parent company of Forest City Ratner has $7.3 billion in assets and does business in 19 states and the district of Columbia. But what is its largest tenant? The City of New York.
Furthermore, the Atlantic Mall, Forest City Ratner [FCR] couldn't hold down an anchor tenant until NY State's economic development agency relocated there. Eventually, FCR receives props for the Atlantic Terminal mall housing the popular Tar-jay.
Posted by lumi at September 14, 2005 9:30 PM