NEW YORK CITY—Forest City Ratner Cos. is in the market to either sell a development site it owns in Downtown Brooklyn—worth an estimated $185 million—or secure a developer willing to partner with the company to build a residential tower there, according to Crain's New York Business.
The site, at 625 Fulton St., between Hudson avenue and Rockwell place, is being marketed by CBRE Group, and has the potential for over 600,000 square feet of residential space. Both Forest City Ratner and CBRE declined GlobeSt.com's request for comment.
Real estate analysts say the average asking price in downtown Brooklyn is about $350, meaning the ultimate sale price could well exceed the $185 million estimate. Market watchers can look at the nearby site of Junior's Restaurant as evidence of the area's value. It recently was marketed for a reported $450 per buildable square foot.
Forest City has owned the plot since 1989 and converted a former candy factory building on the site to offices that once housed a host of government tenants.
But earlier this year, Crain's reports, the firm still owed $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 the site for more lucrative residential development.
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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.
