NEW YORK CITY—Forest City Ratner Cos. is in the market to eithersell a development site it owns in Downtown Brooklyn—worth anestimated $185 million—or secure a developer willing to partnerwith the company to build a residential tower there, according toCrain's New York Business.

|

The site, at 625 Fulton St., between Hudson avenue and Rockwellplace, is being marketed by CBRE Group, and has the potential forover 600,000 square feet of residential space. Both Forest CityRatner and CBRE declined GlobeSt.com's request forcomment.

|

Real estate analysts say theaverage asking price in downtown Brooklyn is about $350, meaningthe ultimate sale price could well exceed the $185 millionestimate. Market watchers can look at the nearby siteof Junior's Restaurant as evidence of the area's value. Itrecently was marketed for a reported $450 per buildable squarefoot.

|

Forest City has owned the plot since 1989 and converted a formercandy factory building on the site to offices that once housed ahost of government tenants.

|

But earlier this year, Crain's reports, the firm stillowed $40 million and was technically in default on the mortgage,according to a filing with the Securities and Exchange Commission.At that time, FCRC tore down the commercial building to prep thesite for more lucrative residential development.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.