FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

    Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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Filed By
Romeo and Dye's
Section 16 Filer
www.section16.net

1. Name and Address of Reporting Person*

Esposito, Jr. Michael P.

2. Issuer Name and Ticker or Trading Symbol
Forest City Enterprises, Inc. FCE A/FCE B

6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
X Director                                       10% Owner
    Officer (give title below)          Other (specify below)

(Last)      (First)     (Middle)

1221 Avenue of the Americas
 

3. I.R.S. Identification Number
of Reporting Person,
if an entity (voluntary)

(Street)

New York , NY 10020-1001

(City)     (State)     (Zip)

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
(Instr. 3)

2. Trans-
action
Date
(Month/ Day/
Year)

2A. Deemed
Execution
Date,
if any
(Month/Day/
Year)

3. Trans-
action Code
(Instr. 8)

4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 & 5)

5. Amount of
Securities
Beneficially
Owned Follow-
ing Reported Transactions(s)
(Instr. 3 & 4)

6. Owner-
ship Form:
Direct (D)
or Indirect (I)
(Instr. 4)

7. Nature of Indirect
Beneficial Ownership
(Instr. 4)

Code

V

Amount

(A)
or
(D)

Price

Class A Common

4/08/03

M

7,500

A

$14.917

17,250

D

 ⁽¹⁾

Class A Common

5,400

I

See footnote⁽²⁾

Class A Common

9,000

I

See footnote⁽³⁾

Class A Common

150

D

Class A Common

535.471

D

 ⁽⁴⁾

Class A Common

1,334.141

D

 ⁽⁵⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security

(Instr. 3)

2. Conver-
sion or
Exercise
Price of Derivative Security

3. Trans-
action Date

(Month/
Day/
Year)

4. Trans-
action
Code

(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)

(Instr. 3, 4 & 5)

6. Date Exercisable
and Expiration
Date
(Month/Day/
Year)

7. Title and Amount of Underlying Securities
(Instr. 3 & 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of
Derivative
Securities
Beneficially
Owned
Following
Reported Transaction(s)
(Instr. 4)

10. Owner-
ship Form
of Deriv-
ative
Security:
Direct (D)
or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

(A)

(D)

Date Exer-cisable

Expira-
tion
Date

Title

Amount or Number of
Shares

1998 Stock Option Grant (right to buy)

19.00

3/17/2000⁽⁶⁾

3/17/08

Class A Common

7,500

7,500

D

1999 Stock Option Grant (right to buy)

14.917

4/08/03

7,500

4/07/01⁽⁷⁾

4/07/09

Class A Common

7,500

0

D

2001 Stock Option Grant (right to buy)

28.533

3/08/03⁽⁸⁾

3/08/11

Class A Common

10,800

10,800

D

Phantom Stock

1-for 1

3/18/03

A

103.824

 ⁽⁹⁾

 ⁽¹⁰⁾

Class A Common

1,662.820⁽¹¹⁾

$31.00

1,662.820

D

Explanation of Responses:

(1) Includes 6,750 shares held in Mr. Esposito's name at Dean Witter Reynolds, Inc. and 10,500 shares held at Smith Barney.
(2) Held in an account at Dean Witter Reynolds, Inc. in the name of Espoito Co.
(3) Held in the name of Red Towers Securities
(4) Shares which were aquired under the Forest City Enterprises, Inc. Employee Stock Purchase Plan. Recieved dividend; updated to reflect current holdings.
(5) Held in a Dividend Reinvestment Account (DRIP). Recieved dividend; updated to reflect current holdings.
(6) 1998 Stock Option Grant exercisable: 25% - 3/18/2000; 33% - 3/18/2001; 42% - 100% - 3/18/2002.
(7) 1999 Stock Option Grant exercisable: 25% - 4/08/2001; 25% - 4/08/2002; 50%-100% - 4/08/2003.
(8) 2001 Stock Option Grant exercisable: 25% - 3/08/2003; 25% -3/08/2004; 50%-100% - 3/08/2005.
(9) Exercisable at retirement, termination, death or disability.
(10) No present expiration date
(11) Phantom Stock - Deferred compensation plan depositing $3,125 after each board of director's meeting.

**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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