China-based developer to buy 70 percent stake in Atlantic Yards project
The Shanghai, China-based Greenland Group Co. plans to buy a 70 percent stake in the Atlantic Yards project and become co-developer, according to an announcement made by previous lead developer Forest City Ratner Companies.
Forest City Ratner will now co-develop the 22-acre residential and commercial real estate project, which has been controversial since the planning process began nearly a decade ago, leading to the takeover of homes through eminent domain and the construction of Barclays Center sports arena in the residential and low-rise commercial neighborhoods of Park Slope, Prospect Heights, and Clinton Hill.
Greenland Group’s purchase would not include the first residential tower, B2, for which construction has already begun. It does cover Phase 1 and Phase 2 of the residential and office tower construction projects—“including infrastructure, a platform, and residential units.”