There it is, number 6 on Bisnow's The Biggest NYC Real Estate Stories Of 2018:
6. Brookfield Buys Forest City, Becomes New York's Largest Property OwnerYes, that's kind of big news, even if it focuses on Forest City's office properties, not its far smaller residential/mixed-use holdings. So why didn't the Brookfield acquisition of Forest City barely make a ripple in the NYC/national media, despite the extremely contentious process?
Brookfield, following a buying spree this year, is now the biggest [commercial] landlord in the city. With the acquisition of Forest City [Realty Trust], the Canadian giant announced this month that it now owns 25 office properties in New York City comprising 26M SF. RXR Realty is second in the city with 24.6M SF, and SL Green, long the city's top office owner, has 23.9M SF after a year of being a net seller of properties, according to Crain's data. Vornado is in fourth place with 23.5M SF. The purchase of Forest City is one of several major moves Brookfield made this year. It also bought GGP, the second-largest U.S. mall owner...
It's interesting, by the way, that Greenland USA's acquisition of all but 5% of the Pacific Park stake from Forest City didn't make the top 10. Maybe it's just top 20?
Oh, last night the Real Deal reported, in Brookfield secures $635M refinancing package at New York Times Building, that four lenders are refinancing the 42% stake in the Times Building formerly held by Forest City. The terms were not reported, but presumably Brookfield's heft allows it to get relatively better terms than a smaller company like Forest City.
Oh, last night the Real Deal reported, in Brookfield secures $635M refinancing package at New York Times Building, that four lenders are refinancing the 42% stake in the Times Building formerly held by Forest City. The terms were not reported, but presumably Brookfield's heft allows it to get relatively better terms than a smaller company like Forest City.
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