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Forest City Takes Key Step to Sell NYC Retail Portfolio

Forest City structures ownership interests for tax efficiencies for sale of its 51% stake in 13 specialty retail properties to Madison International.

By Betsy Kim | Updated on January 02, 2018

Atlantic Terminal Mall Atlantic Terminal Mall in Brooklyn

NEW YORK CITY—Forest City Realty Trust has closed on converting common ownership interest to preferred interest with 10 of the 13 specialty retail centers that are part of a joint venture with Madison International Realty.

The restructuring of the ownership interests is a step in the process of Forest City’s agreement to sell its 51% stake in 13 specialty retail properties in New York City to Madison International as previously reported in GlobeSt.com. The structure was taken for tax efficiencies according to Forest City senior vice president of corporate communications, Jeff Linton.

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