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December 17, 2005
Profits down for Ratner
From the Brooklyn Papers:
The company that wants to build an arena for the struggling New Jersey Nets had a bad third quarter of its own.In an earning statement released last week, Forest City Enterprises, the parent company of Atlantic Yards developer Forest City Ratner, reported a 30-percent fall in profits.
Profits were $55 million, or 54 cents per share, down from $79 million, or 78 cents per share, over the first nine months of 2004.
This article also tells how FCR is the company of choice for distasteful projects using eminent domain:
Last week, Washington, DC selected Forest City Enterprises to partner with a local development corporation on a five-acre parcel near the city’s new baseball stadium, a project that, like the Nets arena, requires the use of eminent domain.
Posted by amy at December 17, 2005 10:37 AM