Forest City Realty Trust, Inc. (NYSE: FCEA) today announced that it has completed the previously announced restructuring of Greenland Forest City Partners, the company’s joint venture with Greenland USA that is developing Pacific Park Brooklyn, a 22-acre mixed-use development in Brooklyn adjacent to the Barclays Center arena. The restructuring takes Greenland USA’s ownership interest in the venture from 70 percent to 95 percent going forward, and Forest City’s interest from 30 percent to 5 percent.
With the restructuring, Greenland USA will assume primary responsibility for the remaining development work at Pacific Park. The restructuring does not impact three projects previously developed and completed by the joint venture: 38 Sixth Avenue, 535 Carlton and 550 Vanderbilt.
“The restructuring aligns with our strategy of maintaining an overall lower level of development activity, even as we remain fully committed to, and engaged in the joint venture,” said David J. LaRue, Forest City president and chief executive officer. “The restructuring also keeps remaining entitled development on track to achieve our shared vision for Pacific Park. Forest City continues to believe strongly in the New York market – one of the strongest and most resilient real estate markets in the country – and we continue to have a significant presence and portfolio there.”
For more information about Pacific Park Brooklyn, please visit www.pacificparkbrooklyn.com
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