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Forest City steps back (or wasn't there in the first place)

Forest City New York continues to divest, as part of a corporate re-focusing and, I suspect, profit-taking.

As Crain's New York Business reported 1/29/18, Two Trees buys huge commercial sites in Gowanus:
Two Trees is buying one of the properties, a 70,000-square-foot building formerly anchored by a Pathmark grocery store with an attached 100,000-square-foot parking lot, for around $65 million from Hamilton Plaza Associates. It also purchased from Forest City Ratner a long-term ground lease of a neighboring 9-acre property that houses a Lowe’s Home Improvement store and its expansive parking lot. It wasn’t immediately clear what the company agreed to pay for that site, but several sources with knowledge of both deals put the total transaction above $100 million.
Given the location in an Industrial Business Zone, other commercial use, including office or warehouse space, is likely. Forest City has had a 99-year ground lease from the U.S. Postal Service since 2003, a time before Gowanus got "hot."

A spurious partnership

The Real Deal reported 1/26/18, in The partnership that wasn’t: Forest City never invested in JEMB’s 420 Albee Square, that the Downtown Brooklyn tower was not actually a partnership.

Forest City, both parties said, serviced as a consultant--though both firms earlier said that Forest City had taken an equity stake.

And what does this say about about trusting public statements by real estate companies?

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