Chinese Company Greenland to Buy 70 Percent Stake in Atlantic Yards
Chinese property developer Greenland Holdings Group, which is owned by the Chinese state, has agreed to buy a majority stake, or 70 percent, in the remaining as-yet-unbuilt Atlantic Yards project, owned by Forest City Ratner, The Wall Street Journal reported. The purchase would not include the first tower, known as B2, which is already going…
Chinese property developer Greenland Holdings Group, which is owned by the Chinese state, has agreed to buy a majority stake, or 70 percent, in the remaining as-yet-unbuilt Atlantic Yards project, owned by Forest City Ratner, The Wall Street Journal reported. The purchase would not include the first tower, known as B2, which is already going up next to the arena. How much Greenland will pay for the ownership stake was not disclosed, and the deal will not close for some time, because it needs to be reviewed by Chinese and U.S. officials.
The purchase may hasten the construction of the remaining towers, which were originally expected to be completed as early as this year, according to the Journal. (Above, the rail yard over which some of the towers will be built.) It’s unclear how much Forest City Ratner will benefit from the deal. In September, an exec with company that owns FCR said “the company wasn’t expecting to receive more than the cost of the land in any sale at Atlantic Yards,” said the Journal.
The remaining towers are residential except for one office building and retail space. Greenland is also working on some other high-profile projects, including what will likely be China’s tallest skyscraper, in Wuhan and, in Sydney, the tallest apartment building.
Chinese Developer Greenland to Take Majority Stake in Atlantic Yards Apartment Project [WSJ]
Tofu, in Park Slope, has excellent Chinese food.
I would also encourage the Chinese government to buy that entire neighborhood.
Wow, wow, wow. So let me get this straight–our tax dollars are now subsidizing the Chinese government? This is like a punch line to a bad joke. I don’t know how Ratner sleeps at night. . . .
Expect traffic on Atlantic to get a whole lot worse …
http://gizmodo.com/china-accidentally-built-an-apartment-complex-in-the-mi-1442963266
Ugh, this does not bode well. What we have to look forward to: shoddy workmanship, corruption, and the desire to bend laws to the nth degree. That being said, you guys need to expand your horizons a bit. Sunset Park has excellent Chinese food and excellent dim sum, rivals the best in Manhattan Chinatown.
Speaking of which, Ditmas Park, Midwood, Borough Park, Kensington, Bay Ridge, Flatbush, Greenwood, and Prospect Park South also have rows of brownstones, limestones, and brick rowhouses.
But back on topic, Grand Sichaun in Bay Ridge is excellent.
There was recently a nytimes story about a Manhattan office tower owned indirectly by the government of Iran. Nobody accused it of being built from Iranian construction materials.
“Why do you have to be so antagonistic to everyone who states an opinion different than yours?”
New here? Welcome to the internet
I didn’t know I could be xenophobic against my own kind. P.S. I knew you’d fall into the “brownstone” trap–as MM said, Sunset Parks is chock full of bronstones, limestones and wood frame homes.