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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.

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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.

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