Skip to main content

Featured Post

Atlantic Yards/Pacific Park graphic: what's built/what's coming + project FAQ (pinned post)

Brookfield selling part of MetroTech in Brooklyn, also Gehry tower in Manhattan

The former Forest City Ratner empire in New York City is being dismantled by Brookfield, which bought out parent Forest City Realty Trust at the end of 2018.

Brookfield puts MetroTech assets on the market, the Real Deal reported 11/3/21:
The investment giant aims to get up to $300 million for its leasehold interest at 9 and 11 MetroTech Center, according to Green Street’s Real Estate Alert.

The leasehold is the right to own the building. New York City owns the land underneath the buildings and is also a tenant in them.
If that lease has over 75 years, it had to have been over 100 years--a nice deal from the start.

The article notes that Brookfield in August sold another MetroTech property, 12 MetroTech Center

And in Manhattan

Also, the Real Deal reported 11/3/21, Lower Manhattan’s Gehry apartment tower for sale asking $850M, with the sellers Brookfield Property Partners and Nuveen, the real estate arm of TIAA:
The owners of the 76-story highrise are seeking north of $850 million, sources familiar with the offering told The Real Deal. One of the biggest listings of its kind since the start of the pandemic, investors are viewing it as a litmus test for the health of the city’s multifamily rental market.
The article notes that, while the building suffered significant vacancies early in the pandemic, "occupancy has since recovered to 94%."

Comments