Forest City Ratner is at a fork in the road with respect to its development site at 625 Fulton Street. Either the firm will sell the plot, which is asking $185 million, or it will find a development partner to construct a residential tower.
CBRE Group is marketing the site located between Hudson Avenue and Rockwell Place. It can accommodate over 600,000 squaree feet of residential development, Crain’s reported.
The asking price boils down to $300 per foot. Crain’s sources indicated the average Downtown Brooklyn asking price is $50 higher, however. That means the plot could sell for much more than its ask.
Forest City Ratner picked up the lot in 1989. The developer later converted a candy factory on the site into an office property, which had a collection of government tenants. — Zachary Kussin