From CoStar, 11/15/17, Greenland Exits NoHo Metro Development:
The Real Deal notes that condo sales at Greenland's Metropolis project in Los Angeles, which includes three apartment towers plus a hotel, have been slow, and that Chinese developers have faced pressure from their government to limit their overseas capital investments.
Lessons in Brooklyn?
This raises a question about a ripple effect in Brooklyn. This past June, the Real Deal reported, quoting Greenland USA CEO Hu Gang, that one or two new buildings would likely break ground by the end of the year.
That hasn't happened, and Greenland Forest City is now considering interim open space on the unbuilt B12 site adjacent to its 550 Vanderbilt condo project.
So stay tuned. Will there be a new building? A buyout of one partner? A sale to other investors? We don't have enough information to know.
The first thing to watch for--though it won't be directly on point--is the planned sale by Forest City Realty Trust, the sole owner of B2 (aka 461 Dean): who'll be the buyer, and what's the price?
The American subsidiary of Chinese developer Greenland Group has backed out of negotiations for the massive 1.9 million-square-foot, mixed-use project at North Hollywood's Red Line Metro stop.Greenland USA instead will focus on a project in South San Francisco, the Landing at Oyster Point, according to CoStar, but Greenland is also negotiating with Kilroy Realty Corp. to sell that project.
Greenland USA and Trammell Crow Co., the Dallas-based development subsidiary of CBRE Group, Inc., were originally selected for joint negotiations last May by the Los Angeles County Metropolitan Transportation Authority.
The two firms were expected to enter into exclusive discussions for developing the 15.6-acre project around the North Hollywood Metro station at Lankershim Blvd. As proposed, the project would include two high-rise residential towers - a 300,000-square-foot, mid-rise office building and 140,000 square feet of retail shops and restaurants.
The Real Deal notes that condo sales at Greenland's Metropolis project in Los Angeles, which includes three apartment towers plus a hotel, have been slow, and that Chinese developers have faced pressure from their government to limit their overseas capital investments.
Lessons in Brooklyn?
This raises a question about a ripple effect in Brooklyn. This past June, the Real Deal reported, quoting Greenland USA CEO Hu Gang, that one or two new buildings would likely break ground by the end of the year.
That hasn't happened, and Greenland Forest City is now considering interim open space on the unbuilt B12 site adjacent to its 550 Vanderbilt condo project.
So stay tuned. Will there be a new building? A buyout of one partner? A sale to other investors? We don't have enough information to know.
The first thing to watch for--though it won't be directly on point--is the planned sale by Forest City Realty Trust, the sole owner of B2 (aka 461 Dean): who'll be the buyer, and what's the price?
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