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

Developer purchased lot at 625 Fulton Street in 1989

New York /
Oct.October 13, 2014 03:35 PM

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


Related Articles

arrow_forward_ios
CBRE's Emma Giamartino and Bob Sulentic (CBRE, iStock)
Flush with cash, CBRE is ready to spend
Flush with cash, CBRE is ready to spend
Turner & Townsend CEO Vincent Clancy and CBRE CEO Bob Sulentic (Turner & Townsend, CBRE)
CBRE pays $1.3B for 60% stake in London-based project manager
CBRE pays $1.3B for 60% stake in London-based project manager
In Greenwich, CT, office demand has popped, lifting rents and spurring bidding wars for choice spaces. (iStock)
Greenwich targets NYC’s office workers as leasing surges 312%
Greenwich targets NYC’s office workers as leasing surges 312%
Bill Shanahan and Darcy Stacom (Getty)
CBRE nabs REBNY’s top two “ingenious deal” awards
CBRE nabs REBNY’s top two “ingenious deal” awards
The short-term renewal trend in NYC office market is winding down. (iStock illustration by Kevin Rebong for The Real Deal)
As confidence grows, more office tenants shun short-term renewals
As confidence grows, more office tenants shun short-term renewals
The New York Life Sciences and Biotechnology Center at First Avenue and 41st Street (NY Life Sciences)
Life sciences leasing breaks annual record in five months
Life sciences leasing breaks annual record in five months
Manhattan sublease surge shows signs of slowing
Manhattan sublease scourge finally abates
Manhattan sublease scourge finally abates
Smaller retailers are snapping up Manhattan’s empty storefronts for shorter, cheaper leases (iStock)
Small retailers slip into city’s empty storefronts on the cheap
Small retailers slip into city’s empty storefronts on the cheap
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...