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December 24, 2006

Forest City press release emphasizes Nets, downplays subsidies

Atlantic Yards Report

Norman Oder looks for clues and interprets some of the subtle (and not-so-subtle) messaging in the Forest City Enterprises press release about the Public Authorities Control Board vote to approve Atlantic Yards.

The press release from parent company Forest City Enterprises, dated December 21, a day after the approval vote, and headlined Forest City’s Atlantic Yards Project Approved By State Board:

CLEVELAND--(BUSINESS WIRE)--Forest City Enterprises, Inc. (NYSE:FCEA) and (NYSE:FCEB) today announced that New York’s Public Authorities Control Board (PACB) unanimously approved the Company’s Atlantic Yards project, a mixed-use development in downtown Brooklyn whose main attraction is expected to be a new sports and entertainment arena for the Nets NBA basketball team.

Note the use of "downtown Brooklyn."

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Posted by lumi at December 24, 2006 9:11 AM