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Closing of Atlantic Yards Project Clears Way for Barclays Center Arena Construciton

Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that various New York subsidiaries, together with the Empire State Development Corporation, the Metropolitan Transportation Authority, the City of New York and other parties, have executed the necessary agreements for the official closing of the Atlantic Yards project in Brooklyn.

The closing clears the way for additional work to proceed on the project, beginning with construction of the Barclays Center arena, the planned future home of the NBA Nets.

"Today's closing is a vital step forward in making a vision for the future of Brooklyn become a reality," said Charles A. Ratner, Forest City president and chief executive officer. "The jobs, economic activity and affordable housing this project will help create over the long term are more important than ever before, given the continuing economic challenges faced by the City and the nation. We deeply appreciate the support of all of our public and private partners, as well as the vast majority of Brooklyn residents, in making this day possible."

Source: http://www.forestcity.net/Pages/default.aspx

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