A joint venture between Forest City and Madison International Realty have bought out the 49% owned by National Real Estate Advisors, which is wholly owned by a subsidiary of the National Electrical Benefit Fund, a major U.S. pension fund. The building opened in 2009, so it's been almost ten years.
"Brooklyn continues to be one of the strongest rental apartment markets in the country, and DKLB BKLN has quickly become both a landmark in the Fort Greene neighborhood and a valuable and productive asset for our company," said David J. LaRue, Forest City president and chief executive officer, in a statement. "All of that makes acquiring our partner's interest a compelling opportunity and a low-risk capital allocation decision."
What's the value?
The transaction values National's share of the property at a total of $93.5 million, including assumption of debt, according to the statement.
That suggests the total project value is $190.8 million.
Is that a good deal for Forest City?
Well, valuing real estate can be complicated, but the building was supposed to cost $207.3 million to build, at least according to a 2008 estimate.