Forest City Enterprises

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Forest City Realty Trust
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 Realty Trust (NYSEFCEA, NYSEFCEB) is an American 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]

In a special shareholder meeting on October 15, 2015, Forest City shareholders voted to convert the company from a "C" corporation to an REIT, real estate investment trust, mainly for tax related purposes. The newly reorganized company will maintain its corporate headquarters in Tower City in downtown Cleveland, but the corporate home will be in Maryland, a state whose laws are very complimentary to REITS. [8]

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:[9]

Awards[edit]

Associations[edit]

It is a member of REBNY.[13]

References[edit]

  1. ^ a b c "Forest City Enterprises Inc. (FCE-A)". Yahoo! Finance. 
  2. ^ "Forest City Enterprises-Overview". Forest City Enterprises. 
  3. ^ "Forest City Enterprises Inc". Bloomberg. Retrieved 21 March 2013. 
  4. ^ Forest City Enterprises
  5. ^ "Company Overview". Wall St Journal. Retrieved 4 April 2013. 
  6. ^ Forest City Enterprises
  7. ^ Cleveland Plain Dealer: "The most important guy you've never heard of: Chaim Schochet, 25, builds downtown Cleveland empire" By Michelle Jarboe McFee February 04, 2012
  8. ^ Jarboe, Michelle (20 October 2015). "Forest City shareholders approve company's REIT-conversion plan". The Plain Dealer (Cleveland OH). Retrieved 7 December 2015. 
  9. ^ Forest City Enterprises
  10. ^ Monica Caruso (December 14, 1996). "Showcase hopes to be real thing". Las Vegas Review-Journal – via NewsBank. 
  11. ^ "A Salute to Forest City Enterprises" (Press release). National Building Museum. 2005-06-01. 
  12. ^ "University Park at MIT Wins Urban Land Institute's 2004 Awards for Excellence" (Press release). University Park. 2005-01-03. 
  13. ^ "Member Firms". rebny.com. 

External links[edit]