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December 10, 2011
At Forest City Enterprises conference call, CEO claims first Atlantic Yards residential tower "clearly meets" marketplace demands, doesn't mention modular plan (or EB-5)
Atlantic Yards Report
Forest City Ratner has gotten a lot of local ink for its ambitious announced plans to built modular towers at the Atlantic Yards site.
However, at a conference call yesterday (transcript) with investment analysts, David LaRue, CEO of parent Forest City Enterprises, talked up the first Atlantic Yards tower without mentioning modular.
“I want to reiterate our goal to move forward with the construction of the first residential tower in 2012," LaRue said. "This is a very important project for Forest City, and clearly meets demands reflected in the marketplace.”
Well, there's surely demand for housing, but not at the costs Forest City Ratner told government officials it expected. LaRue reiterated a "goal," not a plan. None of the analysts asked a question about it.
Nor did Forest City Enterprises executives, while talking about lowering the cost of capital and refinancing loans, talk about FCR's efforts to raise $249 million from immigrant investors via the EB-5 program.
Posted by steve at December 10, 2011 3:57 PM