Posted Apr 13, 2016, 7:34 PM
|
|
NYC/NJ/Miami-Dade
|
|
Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,840
|
|
Greenland Forest City looks to sell big stake in Pacific Park buildings
Quote:
Forest City Ratner and its joint venture partner Greenland Group are shopping around a “very significant” equity stake in a handful of the 15 buildings slated for Pacific Park in Brooklyn, The Real Deal has learned.
Greenland Forest City Partners would use the money raised from the sale of the stake, which includes a 26-story under-construction condominium tower at 615 Dean Street, a planned 277-unit condo next door to the west on Dean Street, and a 750,000-square-foot tower slated for the corner of Sixth and Atlantic avenues, to recapitalize its own investment in the complex.
The partners have hired CBRE’s Darcy Stacom to market the stake in the three properties. The third building was originally slated to be residential but the partners may opt to develop it as an office tower instead, according to a recent report.
Forest City and Greenland teamed up in 2013 when Greenland, China’s largest developer, acquired a 70 percent stake in the massive Brooklyn project formerly known as Atlantic Yards, though not in the Barclays Center and the project’s first housing tower.
A spokesperson for the partnership declined to comment on the size of the equity stake or the asking price, saying only that the companies “remain fully committed” to developing Pacific Park.
“With 1,800 units of housing under way and thousands more in the pipeline, we’re maintaining significant forward progress in constructing Pacific Park,” a spokesperson said. “To ensure the most expeditious and effective build out, our joint venture is seeking strategic opportunities to recapitalize our significant equity investment.”
|
============================
http://therealdeal.com/2016/04/12/fo...-park-complex/
|