Forest City-Related LLCs Snapping up Buildings in Williamsburg

Various LLCs associated with Forest City have been purchasing medium-size apartment buildings in Williamsburg, public records reveal. It’s not clear who exactly is behind the buys but we suspect it is not Forest City but the Ratner family. A spokesperson had no comment.

The addresses are:

*365 Union Avenue, a 14-unit building. Purchased by BPC Partners LLC for $11,000,000 on October 30.
*405-409 South 3rd Street, a 33-unit building, purchased by 281 Union BPC Partners LLC for $23,000,000 in August.
*69 North 6th Street, a 28-unit building, purchased by Olive Partners LLC for $28,750,000 in 2013.
*224 Wythe Avenue, a 20-unit building, purchased by Olive Partners LLC for $13,500,000 in 2012.

The signatory on the deed and the mortgage for 69 North 6th Street is Bruce Ratner. The authorized signatory for the other three is Sadie Mitznick, Forest City general counsel. Those three mortgages list the LLC as the owner and say “care of BR Family Management,” whose address is given as 1 MetroTech, same as Forest City. We presume “BR Family Management” refers to Bruce Ratner and may be the actual entity behind the deals.

Big real estate players formerly confined to Manhattan have recently started buying property in Williamsburg. With the high rents in the area, even a medium size building can bring in substantial revenue.

At least two of the sites were stalled during the downturn. The building at 365 Union Avenue, pictured above during construction in 2011, was designed by Scarano.

365 Union Ave Coming Back From the Dead [Brownstoner]
Silverstone Property Sells Fast-Renting ‘Burg Building for $28.75 Million [Brownstoner]
Cross-Shaped Building at 281 Union Avenue in Williamsburg Finishing Up [Brownstoner]
224 Wythe Avenue Rising [Brownstoner]