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Deals & Dealmakers

Former Forest City Ratner VP buys modular building asset from his previous firm

Full Stack Modular, LLC announced that it has purchased the core assets of FC Modular from Forest City Ratner Companies (FCRC), a wholly owned subsidiary of Forest City Realty Trust, Inc., (NYSE: FCEA and FCEB).  Full Stack Modular will offer turn-key modular solutions for developers of new multi-family buildings, hotels and dormitories and will continue to operate out of the 100,000+ square foot factory in the Brooklyn Navy Yard.

Full Stack Modular’s CEO and founder, Roger Krulak, was formerly Senior Vice President of Modular Construction at FCRC where he was a leading member of the team that built the modular business that formed the foundation of FCRC’s flagship project, 461 Dean Street, the tallest modular building in the world.  461 Dean is now leasing and will welcome its first tenants this fall to breathtaking views and amenities made possible by its modular construction.

The deal includes the long-term lease at the Brooklyn Navy Yard, all equipment and Intellectual Property, as well as the bespoke technology created for this manufacturing process.  Full Stack Modular will also maintain the groundbreaking collective bargaining agreement with the Building and Construction Trades Council of New York and its members, and anticipates rehiring much of the original workforce responsible for 461 Dean Street.

“I am very proud to own a company that will continue to build upon our original mission at Forest City, and further grow the valuable relationships with the community, the unions and the talented workers who help bring our vision to life,” said Krulak. “Modular is the future of multifamily construction and Full Stack Modular will be at the forefront of innovation in our industry.  Our systems are not only more efficient and cost effective than conventional building, but also more sustainable and community-friendly.”

“We have always been firm believers in modular construction and we are incredibly proud of the breakthroughs we’ve made that will soon be seen at 461 Dean Street,” said MaryAnne Gilmartin, President and CEO of Forest City Ratner Companies. “The sale allows us to put our focus on our core strengths – management of our assets and our incredible pipeline of development. We are thrilled that the high-rise residential modular industry we launched will continue its groundbreaking innovations in the skilled hands of Roger Krulak at Full Stack Modular. We know it will be a great success.”

“We’re pleased that Full Stack Modular will remain at its home in the Brooklyn Navy Yard and will maintain the agreement to employ highly skilled, unionized workers,” said Gary LaBarbera, president of the 100,000 member Building and Construction Trades Council of Greater New York. “It’s also good to hear that the company plans to hire from the community and anticipates rehiring much of the original workforce responsible for the project at 461 Dean Street. We look forward to working together in partnership with Roger Krulak and Full Stack Modular.”

An internationally recognized expert in modular construction and innovation, Roger Kulak was the recipient of the 2014 Popular Mechanics ‘Breakthrough Award’ for his work on the creation of the high-rise modular process, has been appointed to the Building Innovation Panel for the Country of Singapore and regularly speaks all over the world.

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