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November 6, 2007

Forest City in the News

IT Jungle, Neuwing, IBM to Quantify and Monetize IT Energy Savings

An article about a company that's partnering with IBM to create energy-savings certificates has this tidbit on its parent company, which has ties to NYC's #1 overdeveloper, Forest City Ratner:

Finding out information about Neuwing Global, the parent company of the energy subsidiary IBM has partnered with, turns out to be a bit tricky. I searched the databases of the New York Times back through 1981 and there is not one single citation for the private equity firm; ditto for The Wall Street Journal. When the company says on its Web site that it is "operating 'under the radar screen' of the global and transnational competitors," it ain't kidding. The Neuwing Real Estate division of Neuwing Global is, nonetheless, behind a very large number of key real estate players, some of which I recognize from the local New York City news. The company's top executives started a company called Longwing Real Estate Partners in 2003 with the financial backing of Dubai Investment Group, which is just one piece of the Dubai Holding company that invests wealth of the families who control that oil producing country. Neuwing Real Estate is a big investor in another release estate investment company called Forest City Ratner, which is trying to rebuild the Brooklyn Atlantic Navy Yards and move the New Jersey Nets basketball team to the area. Like other private equity firms, Neuwing is hooked into so many other equity firms (usually in some kind of real estate) that it is hard to determine who owns what.

Posted by lumi at November 6, 2007 5:16 AM