Jim Cramer's 'Stop Trading!': Buy Forest City

Forest City (FCEA Quote) is "one of the savviest" real estate companies around, Jim Cramer said on CNBC's "Stop Trading!" segment Friday.

Long-term value investor Marty Whitman recommended the stock when he made an appearance on CNBC earlier in the day.

"I think he's right. ... I remember when I was at Goldman Sachs (GS Quote) ... we were in awe of these guys," he said of the Brooklyn-based builder. "All they have gotten is better and better," he added.

As a "very long term" investor, Whitman focuses on a company's outlook over "not six to 18 months, but six to 18 years," Cramer told viewers. It's important to keep that in mind when looking at his bullish take on troubled bond insurer MBIA (MBI Quote).

As for Whitman's play on Florida real estate developer St. Joe (JOE Quote), Cramer said, "There was supposed to be a major pullback. They admitted housing wasn't selling there."

"Now you got a book-value play," Cramer said. "I question this one. ... It seems cheap [but] I'm looking for a catalyst."

Cramer concluded the show by discussing Whitman's charitable organization, an entrepreneurial boot camp for veterans with disabilities. "I've given a lot to the Fisher House, which is another program for soldiers. ... I intend to contribute to this with my charitable trust."