Forest City Enterprises, the Cleveland-based developer of Brooklyn’s Atlantic Yards, is looking to sell 50 percent to 80 percent of its multi-building project.
The Barclays Center, home to the Brooklyn Nets of the NBA, is separately owned and operated and not part of the deal.
The sale could bring in more than $800 million, according to a report.
The investment, which is being pitched by CBRE to such targets as pension funds and sovereign wealth funds, will likely be structured over five years in several phases of equity as it comes time to develop more of the buildings, according to a story in Real Estate Alert, which first reported on the matter.
Bruce Ratner’s Forest City Ratner unit — part of the $9 billion 93-year-old publicly traded FCE parent company — would continue to act as developer for the project that is slated to have 14 residential building on 22 acres.
The first modular apartment building is now under construction.
Forest City Enterprises edged up 7 cents to $17.28 in New York Stock Exchange trading yesterday.