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Forest City Signs $1B Deal to Trade Majority Stake of NYC Retail Portfolio

Cleveland-based Forest City Realty Trust has been in prolonged talks with real estate investment firm Madison International Realty on the possible sale of its majority interest in the 2.1-million-square-foot portfolio located in Manhattan, Brooklyn, Queens, the Bronx, Staten Island and Northern New Jersey.

By John Jordan | johnjordan | Updated on September 20, 2017

Madison International Realty is considering redeveloping the Atlantic Terminal Mall (above) and adjoining Atlantic Center in Brooklyn. Madison International Realty is considering redeveloping the Atlantic Terminal Mall (above) and adjoining Atlantic Center in Brooklyn.

NEW YORK CITY—Forest City Realty Trust has signed an agreement to sell its 51% stake in 12 specialty retail properties in the New York City area to partner Madison International Realty for $1 billion.

Cleveland-based Forest City Realty Trust has been in talks with New York City-based real estate investment firm Madison International Realty on the possible sale of its majority interest in the 2.1-million-square-foot portfolio located in Manhattan, Brooklyn, Queens, the Bronx, Staten Island and Northern New Jersey. Forest City is also reportedly nearing the conclusion of a previously announced deal to sell its interest in 11 US regional malls with Australian partner QIC Global Real Estate in a deal valued at approximately $4 billion.

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