Atlantic Yards’ Chinese investor pushed to speed up housing

New York /
Nov.November 15, 2013 05:45 PM

A Chinese developer that recently snapped up a majority stake in Atlantic Yards is feeling the wrath of Brooklyn’s community leaders. Critics gathered today to demand Greenland Group speed up the construction of 2,250 units of affordable housing promised for the controversial project.

“Despite the overwhelming need, it’s unfortunate that there really is no oversight and no one is holding Forest City Ratner accountable,” Letitia James, recently elected Public Advocate, told the New York Daily News, referring to the original developer.

Forest City Ratner announced the sale of a whopping 70 percent interest to Greenland in October, as part of an effort to speed construction along. The move would reportedly enable Forest City Ratner to maintain control of the development despite having a smaller financial stake.

Forest City Ratner spokesman Joe DePlasco told the Daily News that the firm is “very focused on accelerating the housing.” The project’s first apartment building, currently under construction at Flatbush Avenue and Dean Street, is a 32-story tower with a mix of 181 affordable, low-, and middle-income pre-fabricated units. [NYDN]Julie Strickland


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