Yonkers' Ridge Hill is Being Sold to a Firm in Australia
The deal is expected to be finalized by the end of the year.
Shoppers and visitors of Ridge Hill should not expect to be affected by this deal.
Westchester’s Ridge Hill, a 1.3-million-square-foot retail, entertainment, and medical office center in Yonkers, will soon find new ownership, as Forest City Realty Trust Inc. has agreed to sell its interest to QIC Ltd., an investment firm headquartered in Brisbane, Australia.
In addition to Ridge Hill, Forest City has also agreed to sell its interest in nine other regional malls nation-wide to QIC. All 10 malls are valued at approximately $3.175 billion, of which Forest City’s share is $1.55 billion.
QIC has been purchasing shares of Forest City-owned malls since 2013, including a 51 percent stake of Ridge Hill, which Brooklyn-based Forest City Ratner Co. opened in 2011. The deal is set to be completed in two parts, the first of which includes Ridge Hill and is expected to be finalized by the end of 2017.
The sale of Ridge Hill is not expected to impact shoppers or visitors.