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                                                                      Exhibit 99
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AT THE COMPANY                                                   ON THE WEB
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Thomas G. Smith                                                 www.fceinc.com
Executive Vice President,
Chief Financial Officer
216-621-6060

Thomas T. Kmiecik
Assistant Treasurer
216-621-6060


FOR IMMEDIATE RELEASE

FOREST CITY SPLITS STOCK
3-FOR-2 AND INCREASES
QUARTERLY DIVIDEND


CLEVELAND - SEPTEMBER 4, 2001 - Charles A. Ratner, President and Chief Executive
Officer of FOREST CITY ENTERPRISES, INC. (NYSE: FCEA AND FCEB) announced today
that the Board of Directors has approved a three-for-two stock split to be
effected as a stock dividend and also declared a 7.1 percent increase in the
Company's quarterly dividend.

Holders of Forest City's Class A and Class B Common Stock will receive one
additional share of Common Stock for every two shares held on the record date of
October 31, 2001. The additional shares will be distributed on or about November
14, 2001, by the Company's transfer agent, National City Bank in Cleveland,
Ohio.

Charles A. Ratner, commented, "The stock split confirms our Board's confidence
that Forest City will continue to grow shareholder value. This is our third
stock split in five years."

In a separate action, the Board of Directors declared an increase in the
quarterly cash dividend to $0.05 per share on a post-split basis. This
represents a 7.1 percent increase over the current dividend rate. The dividend
applies to the outstanding shares of both Class A and Class B Common Stock and
is payable on December 17, 2001, to shareholders of record at the close of
business on December 3, 2001.

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Forest City Enterprises, Inc. is a $4 billion NYSE-listed real estate
company headquartered in Cleveland, Ohio. The Company is principally engaged in
the ownership, development, acquisition and management of commercial and
residential real estate throughout the United States. The Company's portfolio
includes interests in retail centers, apartment communities, office buildings
and hotels. The Company's primary markets include Boston, Denver, Los Angeles,
New York, Philadelphia, Richmond (Virginia), San Francisco and Washington, D.C.

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