NEW YORK CITY—Forest City Realty Trust has closed on convertingcommon ownership interest to preferred interest with 10 of the 13specialty retail centers that are part of a joint venture withMadison International Realty.
The restructuring of the ownership interests is a step in theprocess of Forest City's agreement to sell its 51% stake in 13specialty retail properties in New York City to MadisonInternational as previously reported in GlobeSt.com. The structure was taken for tax efficienciesaccording to Forest City senior vice president of corporatecommunications, Jeff Linton.
Closings on similar conversions of ownership interests for twoother centers, Shops at Northern Boulevard and Queens Place, areanticipated to occur by the end of the first quarter of 2018 withthe resolution of lender matters.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
