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NEW YORK CITY-Forest City Enterprises, Inc. is in negotiations with Bruce C. Ratner to restructure their combined interest in a total of 30 properties and service companies currently joint owned. Ownership of joint projects currently in development, such as the Atlantic Yards in Brooklyn, will be negotiated when the projects are completed and valued.

All of the properties included in the portfolio except one are located in the New York City metropolitan area. Currently, Cleveland-based Forest City owns a majority interest in its New York portfolio. Upon closing of the proposed transaction, Forest City will be entitled to the remaining economic benefits of the properties. Forest City told GlobeSt.com it would not comment on the deal "while in negotiations."

According to the proposed transaction, Ratner will contribute his ownership interest and Forest City will contribute a portion of its ownership interest of the portfolio into a newly-formed limited liability company. Ratner will receive approximately $60 million in cash and 3.9 million units in the new limited liability company, although the mix of cash and units is still under consideration. This restructuring excludes the impact of any non-recourse debt related to these assets because it already is included in Forest City's consolidated financial statements.