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Forest City Ratner aims to sell Brooklyn site for $185M — or find partner

Developer purchased lot at 625 Fulton Street in 1989

From left: The former structure at 625 Fulton Street (via PropertyShark) and MaryAnne Gilmartin of Forest City Ratner
From left: The former structure at 625 Fulton Street (via PropertyShark) and MaryAnne Gilmartin of Forest City Ratner

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.

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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

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