Forest City Realty Trust has agreed to a $156 million sales price for a Brooklyn residential community. The buyer, the international real estate manager Principal Global Investors, bought the 363-unit property, including 50 that are labeled as affordable. Located at the corner of Dean Street and Flatbush Avenue at 461 Dean St., the building sits next to the Barclays Center in the Prospect Heights submarket. At 32 story’s tall, the building is billed as the world’s tallest modular building. Amenities include a sky lounge, fitness center, game room, laundry facilities and a children’s playroom.
“We’re pleased with this transaction, which achieved attractive pricing for this recently stabilized asset, and enables the company to generate significant liquidity to further our deleveraging efforts and other strategic uses,” said David LaRue, Forest City’s president & CEO. “The economics of the sale also reflect the continued health of the Brooklyn multifamily rental market, and the continued value-creation opportunity in the market.”
