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.”
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.
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.
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
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