Forest City Realty Trust, Inc., a national real estate company, has completed the sale of 461 Dean Street, a 363-unit apartment community in Brooklyn, New York, to an international real estate manager.
The selling price was $156 million, reflecting a cap rate of approximately 4.5 percent on estimated 2018 net operating income. The sale is expected to generate net proceeds to Forest City of approximately $150 million.
"The economics of the sale also reflect the continued health of the Brooklyn multifamily rental market, and the continued value-creation opportunity in the market,” said David LaRue, Forest City president and chief executive officer.
The asset was 100 percent owned by Forest City and was not part of the joint venture with Greenland USA, which is continuing the development of the Pacific Park Brooklyn mixed-use project. 461 Dean Street, which began phased opening in the third quarter of 2016, contains 50 percent affordable units. It was
