Chinese developer to acquire 70% of Atlantic Yards

From left: Zhang Xuliang, an Atlantic Yards rendering (Credit: SHoP) and Bruce Ratner
From left: Zhang Xuliang, an Atlantic Yards rendering (Credit: SHoP) and Bruce Ratner

Forest City Ratner has sold 70 percent of the Atlantic Yards megaproject in Brooklyn, to Shanghai-based developer Greenland Group, Forest City announced today. The agreement covers both phases of the project but excludes both the Barclays center and the first residential tower, B2, the statement said. Forest City will manage the day-to-day project activities on behalf of the joint venture.

“Most importantly, this partnership would allow us to deliver the 6,400 units of housing, including 2,250 units of affordable housing, to market more expeditiously, which is important for Brooklyn and the entire city,” Bruce Ratner, executive chairman of Forest City Ratner, said in the release.

Pricing in the transaction was not disclosed, but in August analysts predicted that the sale of a 50 to 80 percent interest in the project, could net Forest City nearly $800 million.

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“Atlantic Yards is about more than Brooklyn and New York, as important as this development is for the city,” Zhang Yuliang, chairman and president of Greenland Group, said in the release. “It is about how we build sustainable, well-designed housing to meet the needs of diverse groups of people. If we can do that in New York, we can do that elsewhere.”

Mayor Michael Bloomberg said in the release that he was “thrilled that this global company sees in New York an opportunity to invest [in] and contribute to the future of our city.” – Hiten Samtani