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461 Dean St., Brooklyn, NYNEW YORK CITY—Forest City Realty Trust Inc. has closed on the sale of what has been touted as one of the tallest modular buildings in the world for $156 million.
The Cleveland-based REIT announced on Wednesday the completion of the sale of 461 Dean St., a 363-unit, 32-story rental apartment building adjacent to the Barclays Center in Brooklyn. 461 Dean St. was 100% owned by Forest City and was not part of the joint venture with Greenland USA that is continuing the development of the Pacific Park Brooklyn (formerly Atlantic Yards) mixed-use project. Phased opening of 461 Dean St. began in the third quarter of 2016. A total of 50% of the property’s units are affordable.
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The site would span 900,000 square feet.
Expect the Southwest and West to fare better but there is more to it.
More people are renting particularly in expensive cities like NYC and LA.
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