Greenland Group, a developer owned by China, has made a huge entrance into Brooklyn as it became a preliminary owner this week in 70% of a joint venture to develop Atlantic Yards. Under the deal, the Shanghai-based investor would replace Forest City Ratner Companies in developing the 22-acre residential and commercial real estate project.
Under the proposal, Greenland would co-developing the residential portion of the complex and sharing its costs going forward, while Forest City Ratner would continue to manage the day-to-day activities, according to an announcement. "We are delighted to have an opportunity to create a strong development and investment partnership with Greenland Group," said Bruce Ratner, executive chairman of Forest City Ratner Companies. "We look forward to working together to bring the housing and other amenities of Atlantic Yards to fruition."
Greenland Group says this is the largest single investment in the U.S. by a Chinese developer. In 2012, Greenland Group had revenues of $36.6 billion and profit of approximately $2 billion, according to a China Money Network article.
The overall project, located at a commuter rail hub, includes the Barclays Center, a basketball and hockey arena that opened last year. It is home to the NBA's Brooklyn Nets and will be home to the NHL's New York Islanders starting in 2015. According to a CNN article, the joint venture will not include either the Barclays Center or the first residential tower that is planned for the site.
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