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March 12, 2009

Purchase of FCE bonds, sale of FCE properties suggest corporation faces unsteady fate

Atlantic Yards Report

Norman Oder follows up on news of purchases of Forest City debt and the company's efforts to sell several of its properties around the country.

The Cleveland Plain Dealer, citing newsletter Real Estate Alert, says that FCE is seeking buyers for 15 properties: 10 apartment properties, four shopping centers and the office portion of University Park at MIT, a mixed-use development at the Massachusetts Institute of Technology in Cambridge, MA.

Four shopping centers? I'll bet none are in Brooklyn, NY, where synergy is a goal. One reason why FCE values Atlantic Yards is it would increase the value of the Atlantic Terminal and Atlantic Center malls across Atlantic Avenue.

Another is that AY would not only stem significant losses in operating the Nets, but it would raise the value of the team.

So FCE likely will stick with Atlantic Yards.

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Posted by eric at March 12, 2009 9:44 AM