“Brooklyn might be a little overheated for us,” Gilmartin said Wednesday at the Honest Buildings Real Estate Innovation Summit, held at 7 World Trade Center. She added that real estate prices in Brooklyn have gotten “out of control.”
Forest City is co-developing the Pacific Park residential project in Brooklyn with China’s Greenland Group, and Gilmartin said she still likes Brooklyn neighborhoods such as Gowanus. But she sees greater potential in two other boroughs.
“I think the future is probably Queens, to be honest,” she said. “If I had enormous amounts of cash to invest, I would pick up properties in Queens and the Bronx.”
(Note that there is already a sales office in Shanghai.)