Greenland Forest City aims to sell unspecified stake in two unbuilt condo towers, plus B4 (apartments→office)
|B12 tower, 615 Dean Street|
They're selling an unspecified but “very significant” equity stake in the designed but unbuilt B12 (tentatively 265 units) and its condo neighbor B13 (277 units), on the southeast block of the site, and, most surprisingly, the B4 tower at the northeast corner of the arena block.
|Black arrows point to building sites where an interest is for sale|
The article states:
A spokesperson for the partnership declined to comment on the size of the equity stake or the asking price, saying only that the companies “remain fully committed” to developing Pacific Park.They might have been surprised by the inquiry, but I'd think that if they wanted to say that the first condo tower is doing so well they wanted to sell stakes in future towers, well, they would have said so.
“With 1,800 units of housing under way and thousands more in the pipeline, we’re maintaining significant forward progress in constructing Pacific Park,” a spokesperson said. “To ensure the most expeditious and effective build out, our joint venture is seeking strategic opportunities to recapitalize our significant equity investment.”
[CBRE Broker Darcy] Stacom did not responded to a request for comment.
|Greenland Holdings stock price 2014-present, via Bloomberg|
The Real Deal notes "a recent trend of Forest City pulling out of higher-risk assets," and that Greenland's stock has "taken a hit in China in recent months."
The bottom line for Greenland could change, I wrote, and today, it may be tougher for wealthy Chinese--i.e., future condo buyers--to get their money out of the country.
So it's worth recalling a warning at a 3/28/14 board meeting of Empire State Development, the gubernatorial-directed authority that oversees and shepherds Atlantic Yards.
Gib Veconi of the Prospect Heights Neighborhood Development Council focused on the state’s failure to consider the option of bringing in other developers.