Greenland Group chairman reportedly says Atlantic Yards would take eight years to finish; Forest City remains mum re curious pledge
The Chinese investors buying into Brooklyn’s giant Atlantic Yards apartment project has an ambitious timeline to complete the $5 billion development.
Zhang Yuliang, chairman of state-owned Greenland Holding Group, told reporters in Shanghai last week that he expected the development would take about eight years to complete. Greenland last month signed a memorandum of understanding with developer Forest City Ratner Cos. to buy and fund 70% of Atlantic Yards’ remaining development, although details are still being negotiated.
“We have development funds, development expertise and experience and an enormous customer base,” and Forest City has the local execution capability, Mr. Zhang said. A Forest City spokesman declined to comment on the timeline, saying the company was excited about the partnership with Greenland.