Forest City Enterprises

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Forest City Enterprises, Inc.
Public
Traded as NYSEFCE.A
NYSEFCE.B
Industry Property Management
Founded 1920
Founders Charles, Leonard, Max and Fannye Ratner
Headquarters Cleveland, Ohio, United States
Revenue DecreaseUS$1.18 billion(FY 2012)[1]
DecreaseUS$83.1 million(FY 2012)[1]
Total assets DecreaseUS$10.5 billion(FY 2012)[1]
Number of employees
2,573
Divisions The Commercial Group
The Residential Group
The Land Development Group
Website www.forestcity.net
Footnotes / references
[2]

Forest City Enterprises (NYSEFCEA, NYSEFCEB) is a $9-billion diversified real estate management and development company based in Cleveland, Ohio, United States.[3] Its portfolio includes interests in retail centers, apartment communities, office buildings and mixed-use projects in the U.S. The company has recently expanded into military housing communities.[4]

History[edit]

Forest City was founded as a family-owned lumber and hardware business in the 1920[5] by Charles, Leonard, Max and Fannye Ratner. In the 1930s, the company made its first foray into real estate, purchasing lots for commercial development and its first apartment building.

During World War II, the company made pre-fabricated houses for government housing and began building strip malls. In 1955, Forest City began converting its lumberyards, Forest City Lumber, into do-it yourself home stores.

In 1960, Forest City became a publicly traded company. In the 1980s, the company began divesting of its non-core real estate holdings. The company sold its retail lumber business to Handy Andy Home Improvement Center in 1987.[6] They are the second largest holder of real estate in Downtown Cleveland after Optima Ventures, a Miami-based real estate investment firm led by Chaim Schochet and 2/3rd owned by the Privat Group, one of Ukraine's largest business and banking groups.[7]

Projects[edit]

Forest City Enterprises developed The New York Times Building in New York City in 2008. The building is one of many Forest City assets.

Projects developed or under development by Forest City include:[8]

Awards[edit]

Associations[edit]

It is a member of REBNY.[12]

References[edit]

External links[edit]