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November 20, 2008

After 27% fall in stock price, how long before some news out of Forest City Enterprises?

Atlantic Yards Report

What should we make of the astounding continued fall in the stock price of Forest City Enterprises, parent company of developer Forest City Ratner?

The nearly 27% decline yesterday brought the stock to $4.16, nearly 92% below the stock's 52-week high.... The stock has fallen nearly 79% since October 10, when it was $19.79.

How does the lack of investor confidence affect Atlantic Yards? Would the developer pull out? Well, the project passed governmental review, which is quite valuable--after all, the developer now says "we control the pace."

But the carrying costs of the project and the continued losses by the Nets basketball team have to hurt. Have the phone lines to Dubai, Russia, and other potential sources of rescue capital opened back up?


Posted by eric at November 20, 2008 8:40 AM