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Forest City unit divests core assets of FC Modular

Forest City Realty Trust Inc. unit Forest City Ratner Cos. sold the core assets of FC Modular to Full Stack Modular LLC for undisclosed terms.

The sale, which allows the unit to focus on its core strengths of managing its assets and development pipeline, covers the long-term lease at the Brooklyn Navy Yard in New York, all equipment and intellectual property and the bespoke technology developed for high-rise modular construction.

Full Stack Modular, which will still operate out of the more than 100,000-square-foot factory in the Brooklyn Navy Yard, will provide turnkey modular solutions for new multifamily building, hotel and dormitory developers.

Forest City Ratner has also opened leasing at its flagship project, the modular building at 461 Dean St. in Brooklyn, N.Y.