Brooklyn's growing Pacific Park development could get some new names behind it. Developers Forest City Ratner and Greenland Group (often known simply as Forest City Greenland in this venture) are looking to sell a stake in three of the 15 buildings, The Real Deal reported. Those buildings at the under-construction condos at 615 Dean Street, a condo project next to it, and a site on the corner of Sixth and Atlantic avenues planned for residential, but that could end up becoming a commercial building.
The developers stress that they have no plans to back out of the project. The plan is to use the money from the sale to recapitalize their investment in Pacific Park. Forest City provided this statement to Curbed:
"With 1,800 units of housing under way and thousands more in the pipeline, we're maintaining significant forward progress in constructing Pacific Park and we remain fully committed to the project. To ensure the most expeditious and effective build out, our joint venture is seeking strategic opportunities to recapitalize our significant equity investment."
Forest City Ratner recently converted to real estate investment trust and China-based Greenland Group recently took a hit in that country's stock market, the report said. So, less development and more operation and liquidity could be good for both.
CBRE’s Darcy Stacom has been hired to market the stake, but neither the amount being sold nor its price have been disclosed.