Forest City finalizes Atlantic Yards funding pact with Chinese firm
Forest City Enterprises Inc., the parent company of Forest City Ratner Companies (FCRC), and Shanghai-based Greenland Group Co. announced on Monday that they have completed a definitive agreement for a joint venture to develop the 22-acre Atlantic Yards project.
The two companies announced a memorandum of understanding for the joint venture in October, a development that Eagle reported at the time.
The joint venture, which is expected to close in 2014, would cover both phase one and phase two of the project – excluding Barclays Center and the first housing tower, B2, which the Eagle also reported on recently. The two phases will include infrastructure, a permanent MTA railyard, a platform above the rail yard and future residential units.