February 4, 2012
Forest City Enterprises stock jumps after decision to shift focus
Atlantic Yards Report
Well, the stock market sure liked Forest City Enterprises' decision to divest itself of the land business and, along the way, shifting its corporate structure to have a majority of independent, non-family directors.
The stock jumped 13% yesterday, to $14.91. Last year the stock nudged over $19, while in the last five years it had risen to $70 and dipped below $4.
And Forest City ultimately should be better position to pursue projects in core markets like New York, including Atlantic Yards. (Then again, maybe they'll just keep trying to raise funds from immigrant investors.)
Posted by steve at February 4, 2012 3:10 PM