Forest City Realty Trust, Inc. was a

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping ce ...

that invested in

office building An office is a space where an organization's employees perform administrative work in order to support and realize objects and goals of the organization. The word "office" may also denote a position within an organization with specific d ...

s, shopping centers and apartments in

Boston Boston (), officially the City of Boston, is the capital city, state capital and List of municipalities in Massachusetts, most populous city of the Commonwealth (U.S. state), Commonwealth of Massachusetts, as well as the cultural and financ ...

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = List of sovereign states, Count ...

Dallas Dallas () is the List of municipalities in Texas, third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the List of metropolitan statistical areas, fourth-largest metropolitan area in the United States at 7.5 ...

Denver Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the United ...

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Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...

, and the greater metropolitan areas of

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the U ...

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

and Washington, D.C. The company was organized in

Maryland Maryland ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; ...

with its headquarters in

Cleveland Cleveland ( ), officially the City of Cleveland, is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located in the northeastern part of the state, it is situated along the southern shore of Lake Erie, across the U ...

Ohio Ohio () is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. Of the List of states and territories of the United States, fifty U.S. states, it is the List of U.S. states and territories by area, 34th-l ...

. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by

Brookfield Asset Management Brookfield Asset Management Inc. is a Canadian Multinational corporation, multinational company that is one of the world's largest alternative investment management companies, with over US$725 billion of assets under management in 2022. It ...

History

In 1920, Forest City was founded as a family-owned

lumber Lumber is wood that has been processed into dimensional lumber, including beams and planks or boards, a stage in the process of wood production. Lumber is mainly used for construction framing, as well as finishing (floors, wall panels, w ...

and

household hardware Household hardware (or simply, hardware) is equipment that can be touched or held by hand such as keys, locks, nuts, screws, washers, hinges, latches, handles, wire, chains, belts, plumbing supplies, electrical supplies, tools, utensil ...

business by siblings Charles, Leonard,

Max Max or MAX may refer to: Animals * Max (dog) (1983–2013), at one time purported to be the world's oldest living dog * Max (English Springer Spaniel), the first pet dog to win the PDSA Order of Merit (animal equivalent of OBE) * Max (gorilla) ...

and Fannye Ratner, immigrants from Poland. Beginning in the 1930s, the company invested in residential garages, apartments, retail strip centers. During World War II, the company manufactured and prefabricated governmental housing. In 1960, Forest City became a publicly-traded company. In 1987, the company sold its retail lumber business to

Handy Andy Home Improvement Center Handy Andy Home Improvement Centers was founded as Arrow Lumber Company by Joseph Rashkow in 1947 on the south side of Chicago. His son, Ronald Rashkow, bought out the single store operation in 1967 from his father. He converted the company to Han ...

. In 2011, the company sold a 49% stake in a retail portfolio in New York for $172.3 million. In 2013, the company acquired a 100% interest in a mall in

Pittsburgh Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

. The company also sold a Sheraton hotel in

Station Square Station Square is a indoor and outdoor shopping and entertainment complex located in the South Shore neighborhood of Pittsburgh, Pennsylvania, United States across the Monongahela River from the Golden Triangle of downtown Pittsburgh. Station S ...

in Pittsburgh for $61 million. It also announced plans to redevelop

Ballston Common Mall Ballston Quarter, formerly known as Ballston Common Mall, originally opened as Parkington Shopping Center, was one of the first major suburban shopping centers in the Washington, D.C., area. It opened in 1951 and was the nation's first shopping ce ...

. The company acquired a key parcel from

Macy's Macy's (originally R. H. Macy & Co.) is an American chain of high-end department stores founded in 1858 by Rowland Hussey Macy. It became a division of the Cincinnati-based Federated Department Stores in 1994, through which it is affiliated wi ...

for $13.4 million. In 2016, for tax purposes, the company converted into a real estate investment trust. The company also sold its stake in the

Brooklyn Nets The Brooklyn Nets are an American professional basketball team based in the New York City borough of Brooklyn. The Nets compete in the National Basketball Association (NBA) as a member of the Atlantic Division of the Eastern Conference. T ...

and the

Barclays Center Barclays Center is a multi-purpose indoor arena in the New York City borough of Brooklyn. The arena is home to the Brooklyn Nets of the National Basketball Association and the New York Liberty of the Women's National Basketball Association. The ...

Mikhail Prokhorov Mikhail Dmitrievich Prokhorov ( rus, Михаил Дмитриевич Прохоров, p=mʲɪxɐˈil ˈdmʲitrʲɪjɪvʲɪtɕ ˈproxərəf; born 3 May 1965) is a Russian-Israeli oligarch, politician, and former owner of the Brooklyn Nets. I ...

, sold its military housing division to Hunt Companies for $208.8 million, sold

Terminal Tower Terminal Tower is a 52-story, , landmark skyscraper located on Public Square in Downtown Cleveland, Ohio, United States. Built during the skyscraper boom of the 1920s and 1930s, it was the second-tallest building in the world when it was comp ...

to K&D Group for $38.5 million, and sold 7.7 acres and 8 buildings in Cleveland to an investor group for $3.5 million. In June, 2017 Forest City shareholders voted to eliminate the dual share structure that had enabled the founding Ratner family to control the company. The City of New York also filed a lawsuit against the company in conjunction with the rent due pursuant to a ground lease. In August, 2017 the company sold 25 acres in Cleveland. In October, 2017 the company sold its interests in 10 malls to Queensland Investment Corporation for $1.55 billion. On December 7, 2018, the company was acquired by

Investments

Notable projects that were owned by the company are: * 8 Spruce Street, also known as "New York by Gehry", for its designer,

Frank Gehry Frank Owen Gehry, , FAIA (; ; born ) is a Canadian-born American architect and designer. A number of his buildings, including his private residence in Santa Monica, California, have become world-renowned attractions. His works are considere ...

. *

Pacific Park, Brooklyn Pacific Park is a mixed-use commercial and residential development project by Forest City Ratner that will consist of 17 high-rise buildings, under construction in Prospect Heights, adjacent to Downtown Brooklyn, Park Slope, and Fort Greene i ...

, a

mixed-use development Mixed-use is a kind of urban development, urban design, urban planning and/or a zoning type that blends multiple uses, such as residential, commercial, cultural, institutional, or entertainment, into one space, where those functions are to ...

Brooklyn Brooklyn () is a borough of New York City, coextensive with Kings County, in the U.S. state of New York (state), New York. Kings County is the most populous Administrative divisions of New York (state)#County, county in the State of New York, ...

that includes the

. *

Central Station Central stations or central railway stations emerged in the second half of the nineteenth century as railway stations that had initially been built on the edge of city centres were enveloped by urban expansion and became an integral part of the ...

, a primarily residential development on the site of a former railroad terminal in

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = List of sovereign states, Count ...

. *

Mercantile National Bank Building The Mercantile National Bank Building (known colloquially as The Merc) is a 31-story, skyscraper at 1800 Main Street in the Main Street district of downtown Dallas, Texas. It is the former home of the Mercantile National Bank, which later be ...

, a mixed-use urban redevelopment project of a historical office complex in

. * Mesa del Sol, planned for 100,000 inhabitants in

Albuquerque Albuquerque ( ; ), ; kee, Arawageeki; tow, Vakêêke; zun, Alo:ke:k'ya; apj, Gołgéeki'yé. abbreviated ABQ, is the most populous city in the U.S. state of New Mexico. Its nicknames, The Duke City and Burque, both reference its founding i ...

, is the company's largest mixed-use development, co-owned by Covington Capital Partners. * New York Times Building, a 52-story building in Midtown

Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five Boroughs of New York City, boroughs of New York City. The borough is also coextensive with New York County, one of the List of co ...

Renzo Piano Renzo Piano (; born 14 September 1937) is an Italian architect. His notable buildings include the Centre Georges Pompidou in Paris (with Richard Rogers, 1977), The Shard in London (2012), the Whitney Museum of American Art in New York City ...

. *

Northfield Stapleton The Shops at Northfield, formerly Northfield Stapleton, is an open-air, retail town center located at the Stapleton International Airport redevelopment in Denver, Colorado, United States. It is owned and operated by QIC. Northfield Stapleton is ...

is an open-air, retail town center at the company's mixed-use redevelopment project at Stapleton International Airport in

. * Public Health Service Hospital District in

's Presidio. * Radian, a 26-story, curved residential tower in the Financial District of

. * Showcase Mall, a shopping center on the

Las Vegas Strip The Las Vegas Strip is a stretch of Las Vegas Boulevard South in Clark County, Nevada, that is known for its concentration of resort hotels and casinos. The Strip, as it is known, is about long, and is immediately south of the Las Vegas cit ...

. * Short Pump Town Center, an outdoor mall in

Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...

. *

, a indoor and outdoor shopping, dining and entertainment complex in

. * University Park at MIT, a mixed-use urban redevelopment project on an abandoned industrial site near the

Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a Private university, private Land-grant university, land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern t ...

Cambridge, Massachusetts Cambridge ( ) is a city in Middlesex County, Massachusetts, United States. As part of the Greater Boston, Boston metropolitan area, the cities population of the 2020 United States Census, 2020 U.S. census was 118,403, making it the fourth most ...

. * Victoria Gardens, a mixed-use shopping center development in

Rancho Cucamonga, California Rancho Cucamonga ( ) is a city located just south of the foothills of the San Gabriel Mountains and Angeles National Forest in San Bernardino County, California, United States. About east of Downtown Los Angeles, Rancho Cucamonga is the 28t ...

. * Westchester's Ridge Hill, an upscale, urban open-air shopping center in

Yonkers, New York Yonkers () is a city in Westchester County, New York, United States. Developed along the Hudson River, it is the third most populous city in the state of New York (state), New York, after New York City and Buffalo, New York, Buffalo. The popul ...

anchored by

Lord & Taylor Lord & Taylor was the oldest brick and mortar department store in the United States, in business from 1826 to 2020. The brand was purchased during former owner Le Tote's 2020 liquidation bankruptcy and relaunched by new owner, Saadia Group, as a ...

, until the store closed in 2020. * Westfield San Francisco Centre, an upscale, urban shopping center in San Francisco co-owned and managed by The Westfield Group.

References

{{Authority control 1920 establishments in Ohio Defunct companies of the United States Forest City Realty Trust Real estate companies established in 1920 Ratner family