80 DeKalb, first Brooklyn residential tower built by Forest City, sold yet again.

There's a quote I remember from former Forest City Ratner CEO MaryAnne Gilmartin, in one observer's paraphrase, don't "get too attached to the brick and mortar.”

So the 36-story 80 DeKalb tower, Forest City's first Brooklyn residential tower, claimed to test the market for Atlantic Yards when it opened in 2009, has been sold yet again, in a third transaction, at a modest profit.

Let's back up. As reported in June 2018, Forest City Realty Trust--the successor to Forest City Enterprises, parent of Forest City Ratner/Forest City New York--along with Madison International Realty bought out the 49% owned by National Real Estate Advisors.

The transaction valued National's share of the property at a total of $93.5 million, including assumption of debt, suggesting the total project value of $190.8 million. 

Then, as reported in July 2022, Forest City's successor, Brookfield sold the tower for $190 million to the partnership of KKR and Dalan Management. Not much of a profit, if at all, but Brookfield was likely focusing on other projects.

Last week, the Real Deal reported, KKR sold the tower to Atlas Capital Group for $202.5 million, a modest profit, which the publication called "a small feat considering valuations have slipped on the rise in interest rates."

The newsletter The Promote suggested that a specific KKR fund holding the building needed liquidity, driving the sale.

For residents--and the building has relatively few complaints--it's another place to send a check, a company that surely first sees 80 DeKalb as a revenue-producing asset