Saturday, October 12, 2013

Forest City Enterprises stock jumps 5.45% after announcement of Atlantic Yards joint venture with Chinese government developer; NY papers whiff

Via Yahoo Finance
The stock market smiled broadly at the news yesterday that Forest City Ratner was on the way to selling a 70% stake in Atlantic Yards to Chinese government-owned Greenland Holdings Group.

The stock price of parent company Forest City Enterprises jumped 5.45%, to $19.55. Meanwhile, the general real estate sector--though not an exact comparison--rose about 1%. (See below.)

Missing coverage

Oddly enough, the significant news, which was broken by the Wall Street Journal's Eliot Brown and followed up by Bloomberg and many others, thanks to a subsequent Forest City Enterprises press release, has not appeared in New York's other three daily newspapers: the New York Times, the New York Daily News, and the New York Post.

This disserves the readers, and is either pissy or incompetent.

Maybe they don't like not being first, but it was news, especially to the Times, when Forest City in August began marketing the project. And if for some reason the reporters best positioned to cover the story are away or otherwise indisposed, it's not that hard to rewrite a press release.

Of all the coverage, the silliest came from Quartz, headlined China’s soon-to-be tallest skyscraper developer is building affordable housing in New York. That was a way too literal reading of some happy talk in the press release. Yes, the project includes subsidized, affordable housing. But that's not why they're investing.

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