CLEVELAND, Ohio – November 12, 2009 – Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that a joint venture between its New York-based subsidiary, Forest City Ratner Companies, Inc. and Blumenfeld Development Group, officially opened the East River Plaza retail center with the first Costco in the borough of Manhattan.
“East River Plaza is a unique retail experience that brings quality and value – including wholesale prices – to Manhattan residents and small businesses, while also creating jobs and generating tax revenues for the City and State,” said Chuck Ratner, Forest City’s president and chief executive officer. “We’re thrilled to welcome Costco, the international wholesale club, as the first tenant to open at East River Plaza.”
Costco occupies 110,000 square feet on the first floor of East River Plaza. The approximately 500,000 square foot retail center is more than 90 percent leased and will also be home to Manhattan’s first Target. Other tenants to open beginning in 2010 include Best Buy, Marshalls, PetSmart and Old Navy. East River Plaza also features an adjacent, 1,250- space parking garage.
About Forest City
Forest City Enterprises, Inc., is an $11.7 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.
Safe Harbor Language
Statements made in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current market conditions on our liquidity, ability to finance or refinance projects and repay our debt, general real estate investment and development risks, vacancies in our properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, our substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by our credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, environmental liabilities, conflicts of interest, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, volatility in the market price of our publicly traded securities, litigation risks, as well as other risks listed from time to time in the Company's SEC filings, including but not limited to, the Company's annual and quarterly reports.
Robert O’Brien
Executive Vice President – Chief Financial Officer
216-621-6060
Jeff Linton
Vice President – Corporate Communication
216-621-6060
