NEW YORK CITY—Forest City Enterprises andGreenland USA, a subsidiary of Shanghai-basedGreenland Group Co. announced today that they haveclosed on the previously announced joint venture to develop theAtlantic Yards project in Brooklyn.
Under the joint venture agreement, Greenland USA has acquired70% of the project and will co-develop the project with ForestCity. Company officials say that both organizations will share inall project costs going forward in proportion to their ownershipinterests. In addition, Greenland USA will make an unspecifiedcapital contribution to reimburse Forest City for certain costsincurred to date. No financial terms of the deal were reported.
Forest City, through its New York-based subsidiary, Forest CityRatner Companies, and Greenland USA will co-manage day-to-dayactivities and will develop the project consistent with theapproved master plan.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
