NEW YORK CITY—Forest City Enterprises and Greenland USA, a subsidiary of Shanghai-based Greenland Group Co. announced today that they have closed on the previously announced joint venture to develop the Atlantic Yards project in Brooklyn.

Under the joint venture agreement, Greenland USA has acquired 70% of the project and will co-develop the project with Forest City. Company officials say that both organizations will share in all project costs going forward in proportion to their ownership interests. In addition, Greenland USA will make an unspecified capital contribution to reimburse Forest City for certain costs incurred to date. No financial terms of the deal were reported.

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