This watchdog blog, by journalist Norman Oder, offers analysis, commentary, and reportage about the $4.9B project to build the Barclays Center arena and 15-16 towers at a crucial site in Brooklyn. Dubbed Atlantic Yards by developer Forest City Ratner in 2003, it was rebranded Pacific Park Brooklyn in 2014 after the Chinese government-owned Greenland Group bought a 70% stake going forward. As of 2018, after the arena and four towers were built, Greenland will own 95% of future construction.
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After news of board shake-up, Forest City stock drops 6.44%
Real estate investors reacted not so happily to news Thursday night that Forest City Realty Trust had rejected a buyer's overtures and instead would pursue its own path to enhancing stock value, by revamping its board: yesterday, the company stock dropped 6.44%, from $21.27 to $19.90.
It wasn't a great day for the real-estate industry: the three largest REIT (real estate investment trust) ETFs dropped between 1.58% and 1.82%. But it was a much worse day for Forest City.