Atlantic Yards developer Forest City Ratner's non-Atlantic Yards holdings in Brooklyn include 10 MetroTech Center, a former Barton's candy factory converted into office space in the 1980s. Forest City Ratner has owned the property since 1989, but the big-name tenants?really exciting ones, like the IRS and the DMV?have left over the years, and Forest City "technically remains in default" on the mortgage, according to the Observer. The only way to get out of that jam is to change the use of the space. So Forest City, the Observer reports, will be tearing down the building and replacing it with housing. The new building will share a lot with another Forest City residential parcel, 80 Dekalb. The demolition should happen in September, but no word yet on what the 10 MetroTech replacement will look like.
· Forest City, Avoiding Default on 10 MetroTech, Will Demo for Residential [Commercial Observer]
· Forest City Ratner coverage [Curbed]