Madison International Realty is considering redeveloping the Atlantic Terminal Mall (above) and adjoining Atlantic Center in Brooklyn. Madison International Realty is considering redeveloping the Atlantic Terminal Mall (above) and adjoining Atlantic Center in Brooklyn.

NEW YORK CITY—Forest City Realty Trust has signed an agreement to sell its 51% stake in 12 specialty retail properties in the New York City area to partner Madison International Realty for $1 billion.