Forest City Sells Modular High-Rise in Brooklyn for $156M

Iowa-based Principal Global Investors purchased the 32-story apartment rental building, a neighbor to the Barclays Center.

By John Jordan | Updated on March 29, 2018

461 Dean St.

NEW YORK CITY—Forest City Realty Trust Inc. has closed on the sale of what has been touted as one of the tallest modular buildings in the world for $156 million.

The Cleveland-based REIT announced on Wednesday the completion of the sale of 461 Dean St., a 363-unit, 32-story rental apartment building adjacent to the Barclays Center in Brooklyn. 461 Dean St. was 100% owned by Forest City and was not part of the joint venture with Greenland USA that is continuing the development of the Pacific Park Brooklyn (formerly Atlantic Yards) mixed-use project. Phased opening of 461 Dean St. began in the third quarter of 2016. A total of 50% of the property’s units are affordable.

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