Forest City agrees to buy out Skanska at Pacific Park

Work on 32-story, 363-unit tower project B2 expected to start up again

TRD New York /
Nov.November 18, 2014 01:50 PM

Forest City Ratner signed a deal to buy financial partner Skanska USA Building out of its stake in a closed Brooklyn Navy Yard factory that was producing modular units for the Pacific Park residential development.

Now that Forest City has control, the company can advance construction on a 32-story, 363-unit tower project, B2, that has been stalled for three months. Forest City still has to line up a company that manufactures modular units, but workers on the project who had been furloughed may soon return to work.

Despite the agreement, Forest City and Skanska are still in a legal dispute over cost overruns. Ratner’s firm has accused Skanska of rendering the project millions over budget. Skanska claimed that Forest City’s flawed design contributed to the problem. [NYDN]Mark Maurer

 

Related Articles

arrow_forward_ios
Former Forest City CEO MaryAnne Gilmartin and P.C. Richard executive Thomas Pohmer with Site 5 at Flatbush and Atlantic Avenues (Credit: Getty Images, IMA Long Island, and Google Maps)

Why nothing ever gets built on this Pacific Park site

Why nothing ever gets built on this Pacific Park site
Long Island Cheat Sheet: Alibaba co-founder Joseph Tsai could buy Nassau Coliseum… & more

Long Island Cheat Sheet: Alibaba co-founder Joseph Tsai could buy Nassau Coliseum… & more

Long Island Cheat Sheet: Alibaba co-founder Joseph Tsai could buy Nassau Coliseum… & more
The dismantling of Forest City Ratner

The dismantling of Forest City Ratner

The dismantling of Forest City Ratner
With $6.8B Forest City deal set to close, Brookfield says it’s now the biggest commercial landlord in town

With $6.8B Forest City deal set to close, Brookfield says it’s now the biggest commercial landlord in town

With $6.8B Forest City deal set to close, Brookfield says it’s now the biggest commercial landlord in town
Shareholders greenlight Brookfield’s $6.8B purchase of Forest City

Shareholders greenlight Brookfield’s $6.8B purchase of Forest City

Shareholders greenlight Brookfield’s $6.8B purchase of Forest City
Judge clears the way for Forest City vote on Brookfield deal

Judge clears the way for Forest City vote on Brookfield deal

Judge clears the way for Forest City vote on Brookfield deal
Why developers can’t find tenants for certain “affordable” apartments

Why developers can’t find tenants for certain “affordable” apartments

Why developers can’t find tenants for certain “affordable” apartments
Inside the dismantling of Forest City Ratner

Inside the dismantling of Forest City Ratner

Inside the dismantling of Forest City Ratner
arrow_forward_ios

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

Loading...