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Forest City sells NYC apartment community for $156M

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Forest City sells NYC apartment community for $156M

Forest City Realty Trust Inc. sold the 363-unit 461 Dean St. apartment community in Brooklyn, N.Y., for $156 million, with the diversified real estate investment trust expecting to receive roughly $150 million in net proceeds.

The sale price reflects a cap rate of about 4.5% on estimated 2018 net operating income.

The buyer was an undisclosed international real estate manager.