X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Sixth Avenue and Atlantic Ave. Atlantic Avenue and Sixth Avenue, rendering of planned tallest building in Pacific Park

NEW YORK CITY—Developers Greenland USA and Forest City Realty Trust have restructured Greenland Forest City Partners, increasing Greenland’s ownership interest in the Pacific Park project from 70% to 95%. Forest City’s interest is now at 5%. Established in 2013, Greenland USA is a subsidiary of Greenland Holding Group, a company that’s publicly traded on the Shanghai Stock Exchange. TF Cornerstone and the Brodsky Organization recently joined Greenland as partners. The New York developers are expected to accelerate progress on the Brooklyn development that was originally called Atlantic Yards but renamed Pacific Park.

TF Cornerstone is purchasing 615 Dean St. and 595 Dean St. and the Brodsky Organization is purchasing 664 Pacific St. The deals are expected to close by the end of 2018. The developers will construct three mixed-income, rental residential buildings, open space and a public school.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

More from this author

 

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.