Forest City Realty Trust Inc. is reducing its ownership interest in a recent Brooklyn, New York, investment from 30 percent to 5 percent, shifting the difference to its development partner, Greenland USA. Greenland Forest City Partners is the joint venture between Forest City and Greenland that is developing Pacific Park Brooklyn, a 22-acre mixed-use development in Brooklyn. Greenland will take primary responsibility for the remaining development work at Pacific Park. The restructuring will not impact the three projects that Greenland Forest City has completed to date and does not seem to indicate Forest City is souring on the New York market. "Forest City continues to execute on our strategy of maintaining an overall lower level of development activity, while remaining fully engaged and accountable for current responsibilities,” David J. LaRue, president and CEO of Forest City Realty Trust, said in a statement. “Most important, the restructuring will keep the remaining entitled development on track, with the joint venture solidly committed to the vision for Pacific Park and the public benefits it has and will continue to deliver, including significant affordable housing. “As a company, we continue to believe strongly in the New York market," LaRue added. “It is our largest core market and we've had a significant presence and portfolio here for more than 30 years.”
