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Brooklyn development site acquired for $158 million


Brooklyn, N.Y. -- Forest City Realty Trust announced that it has closed the sale of 625 Fulton Street, a development site in Brooklyn, New York. The Rabsky Group purchased the property for $158 million, of which $100 million was paid at closing with the balance due in 90 days.

"With the brisk pace of our other development activity in our New York core market, including Pacific Park Brooklyn and the Bridge at Cornell Tech on Roosevelt Island, this sale was a great opportunity to capture risk-adjusted value to contribute to our deleveraging goals," said David J. LaRue, Forest City president and CEO. "At approximately $255 per square foot, based on the current zoning, the sale also validates the remarkable strength of the Brooklyn market and bodes well for future development opportunities. I want to thank everyone involved, particularly our New York team, for bringing this opportunity to fruition."

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