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Forest City closes conversion of ownership in 10 NYC specialty retail centers

Forest City Realty Trust Inc. closed on the conversion of its common ownership stake to preferred interest in 10 specialty retail centers in the New York City metro area, as part of a joint-venture deal with Madison International Realty.

Completion of the conversions of Forest City's common interest in two other centers, Shops at Northern Boulevard and Queens Place, are projected to occur by the end of the first quarter of 2018, after the settlement of outstanding lender matters.

The last center in the joint venture, 42nd Street, is anticipated to transact after the ground lease dispute with the City of New York is resolved.

The overall deal values the 12 centers, excluding 42nd Street, at roughly $450 million at Forest City's 51% share and reflects an approximate 5% cap rate on 2016 net operating income.