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March 17, 2009
What does Forest City have on the block in New York City?
Atlantic Yards Report
Forest City Enterprises is apparently in the position where it feels it has to sell off some of its premium performing assests, including four retail properties in NYC.
Norman Oder surveys the online list of Forest City's NYC holdings and speculates about which ones the company has decided to hold.
There are no Forest City Ratner listings publicly available via either the CBRE or the Holliday Fenoglio Fowler web sites.
I've listed the properties below, in the order they appear on the FCE web site. I'll bet that the 42nd Street Complex, Atlantic Center Mall, and Atlantic Terminal Mall are untouchable, because the latter two would benefit enormously from Atlantic Yards and the Times Square location is prime.
(Remember, as the New York Times Magazine told us Sunday, in an articled headlined Where Is the New Brooklyn?, Brooklyn is a euphemism for gentrification,)
The Shops at Atlantic Center Site V aren't on the block, either, because a) FCR doesn't control all the land and b) the site is in the Atlantic Yards footprint. The Museum of Jewish Heritage is a small retail space.
The rest is up for grabs. I don't know enough about the retail market, nor FCR's sense of core efforts, to know whether movie theaters--which do reasonably well in bad economics, right?--are more or less likely to be sold.
But Forest City has a lot more property than you might think.
Posted by lumi at March 17, 2009 6:03 AM