In 1920, Forest City was founded as a family-owned lumber and household hardware business by siblings Charles, Leonard, Max and Fannye Ratner, immigrants from Poland.[2] 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.[2]
In 2011, the company sold a 49% stake in a retail portfolio in New York for $172.3 million.[4] In 2013, the company acquired a 100% interest in a mall in Pittsburgh.[5] The company also sold a Sheraton hotel in Station Square in Pittsburgh for $61 million.[6] It also announced plans to redevelop Ballston Common Mall.[7] The company acquired a key parcel from Macy's for $13.4 million.[8]
In 2016, for tax purposes, the company converted into a real estate investment trust.[9] The company also sold its stake in the Brooklyn Nets and the Barclays Center to Mikhail Prokhorov,[10] sold its military housing division to Hunt Companies for $208.8 million,[11] sold Terminal Tower to K&D Group for $38.5 million,[12] and sold 7.7 acres and 8 buildings in Cleveland to an investor group for $3.5 million.[13]
In June, 2017 Forest City shareholders voted to eliminate the dual share structure that had enabled the founding Ratner family to control the company.[14] The City of New York also filed a lawsuit against the company in conjunction with the rent due pursuant to a ground lease.[15]
In August, 2017 the company sold 25 acres in Cleveland.[16] In October, 2017 the company sold its interests in 10 malls to Queensland Investment Corporation for $1.55 billion.[17]
$0.911 billion (2017)
$0.215 billion (2017)
