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March 21, 2006
FCRC sells Hilton Times Square property to Sunstone
Despite Forest City Ratner Executive Vice President Jim Stuckey's claim that the development company is committed to holding the properties it develops for the long term, a deal to sell the Hilton Times Square to Sunstone Properties closed yesterday.
GlobeSt.com, Sunstone Closes on $243M Hilton Times Square Purchase
The Real Estate Observer reports that this deal, "netting $242.5 million," should keep Forest City Ratner flush for the time being. That would make sense if Forest City Ratner wasn't already turning to non-traditional lending sources and if most of the profits from the deal didn't flow back to the parent company.
Posted by lumi at March 21, 2006 4:07 PM