NEW YORK CITY—Though it doesn't bring their legal battles to a close—Forest City Ratner Cos. and Skanska have come together in a step that could help the developer move its Pacific Park project forward, without help from the contractor.

FCRC Modular, LLC and Skanska Modular LLC announced that FCRC Modular, LLC has announced it plans to purchase the ownership interest of Skanska Modular LLC in their jointly owned modular factory business in the Brooklyn Navy Yard, known as FC+Skanska Modular, LLC. The two parties to the deal, who jointly revealed the measure, declined to reveal the price of the sale.

Earlier this year, a soap-opera-worthy battle developed between FCRC and Skanska when the contractor told its workers to cease and desist in their efforts to build Pacific Park's first residential tower, a multifamily complex known as B2. That measure instigated repeated salvos—in the form of lawsuits—from both sides of the dispute.

The agreement, achieved through mediation with attorney Roger J. Peters, makes FCRC Modular the sole owner and manager of the modular business, according to the joint statement.

However, it goes on to say, “litigation between the companies over the B2 Project will continue and is not impacted by this agreement.”

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

Once you are an ALM Digital Member, you’ll receive:

  • 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
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.

National
New York