Boyd Watterson pays $185.5M to Brookfield Properties for former Forest City office building in Downtown Brooklyn

Boyd Watterson Asset Management through the entity Brooklyn Ny I Sgf, LLC paid $185.5 million to Brookfield Properties through the entity Fc Flatbush Associates II, LLC for the office building formerly owned by Forest City at 303 Bridge Street in Downtown Brooklyn.
The deal closed on February 1, 2022 and was recorded on February 22, 2022.
The property has 407,400 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $455 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 7, 2018, for $102.5 million, as part of Brookfield’s acquisition of Forest City.
The signatory for Brookfield Properties was Ketan Patel. The signatory for Boyd Watterson Asset Management was Joseph Capra.
Prior to this transaction, the buyer Boyd Watterson Asset Management had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Brookfield Properties purchased 20 properties in 15 transactions for a total of $970.8 million and sold three properties in two transactions for a total of $249 million over the same time period.
The 407,400-square-foot property generated revenue of $20.1 million or $49 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $1.8 million.
Brookfield Properties is located at the address of seller LLC. This property was owned by Forest City Realty Trust which was acquired by Brookfield. Boyd Watterson Asset Management is located at the same address as buyer LLC.
In Downtown Brooklyn, the bulk, or 36 percent of the 26.8 million square feet of built space are office buildings, with residential elevator buildings next occupying 29 percent of the space. In sales, Downtown Brooklyn has 1.3 times the average sales volume among other neighborhoods with $365.7 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Downtown Brooklyn has 2.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
On the tax block, the majority, or 99 percent of the 1.1 million square feet of built space are office buildings, with specialty buildings next occupying 1 percent of the space.

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