NEW YORK CITY—Forest City Realty Trust Inc. has closed on thesale of what has been touted as one of the tallest modularbuildings in the world for $156 million.
The Cleveland-based REIT announced on Wednesday the completionof the sale of 461 Dean St., a 363-unit, 32-story rental apartmentbuilding adjacent to the Barclays Center in Brooklyn. 461 Dean St.was 100% owned by Forest City and was not part of the joint venturewith Greenland USA that is continuing the development of thePacific Park Brooklyn (formerly Atlantic Yards) mixed-use project. Phased opening of461 Dean St. began in the third quarter of 2016. A total of 50% ofthe property's units are affordable.
Forest City in a press announcement reports the buyer as “aninternational real estate manager.” GlobeSt.com has confirmed thatthe buyer is Iowa-based Principal Global Investors.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
