The deal calculated out to a cap rate of approximately 4.5% on estimated 2018 net operating income. Forest City expects net proceeds from the sale of approximately $150 million.

“We're pleased with this transaction, which achieved attractive pricing for this recently stabilized asset, and enables the company to generate significant liquidity to further our deleveraging efforts and other strategic uses,” states David J. LaRue, Forest City president and CEO. “The economics of the sale also reflect the continued health of the Brooklyn multifamily rental market, and the continued value-creation opportunity in the market.”

In January, Greenland USA and Forest City Realty Trust reached an agreement on the restructuring of Greenland Forest City Partners, the joint venture developing Pacific Park Brooklyn. The restructuring increases Greenland USA's ownership interest in the venture from 70% to 95% going forward, and Forest City's interest from 30% to 5%. Greenland Forest City Partners also announced that design work would begin early this year on B4, the next building at Pacific Park, which is expected to break ground in 2019.

Earlier this month, Forest City put an end to speculation and announced that it was not selling the REIT after announcing last year it would consider strategic alternatives. A total of approximately 50 firms had expressed interest in Forest City.