Perhaps the highest profile project involves the Greenland Group, which is based in Shanghai and is an arm of the city’s government. Greenland ventured into its first New York project when it bought a 70 percent stake in much of the residential portion of Brooklyn’s Atlantic Yards project from Forest City Ratner for $200 million. The site is also home to Barclays Center.
The deal between Greenland and Forest City still awaits approval from the Chinese government, Forest City officials say, though they added that the federal government in this country has agreed to allow it.
Specifically, the Treasury Department’s Committee on Foreign Investment in the United States, which reviews deals that could involve foreign entities taking control of American businesses, signed off on it this spring, said Joe DePlasco, a Forest City spokesman. He said Forest City was not required to file with the committee but did so out of an abundance of caution.
Mr. DePlasco added that Greenland would be an active development partner and not just an investor, which means that it would help build about 6,000 units, or 4,100 rentals and 1,500 condos across 14 buildings, though it is not involved in the construction of the modular 363-unit rental tower going up on the site now.
Does that mean they're cutting 430 condos? I don't know: either the Times or DePlasco may have been sloppy.
Critics have said that Forest City is taking too long to complete the housing portion of the Atlantic Yards project.