Skip to main content

Featured Post

Atlantic Yards/Pacific Park infographics: what's built/what's coming, who's responsible, + project FAQ/timeline (pinned post)

Though Greenland now runs the joint venture, don't rule out multiple owners (starting with 461 Dean)

The news seems to be that control of Atlantic Yards/Pacific Park is now consolidated, with Greenland USA about to own 95% of the joint venture Greenland Forest City Partners, diminishing Forest City's role.

That said, beyond the arena operating company (controlled by Mikhail Prokhorov), there will be at least one new owner of a residential tower reasonable soon: Forest City Realty Trust is planning to sell 461 Dean, the only tower it owns outright. And I'd bet the buyer isn't Greenland. (Otherwise we'd know, right?)

And there could be more. Wrote the New York Post's Steve Cuozzo yesterday:
The Greenland-Forest City joint venture was reported in 2016 and 2017 to be seeking buyers for several Pacific Park sites. A source familiar with Greenland’s thinking said on Monday, “Of course, they can’t rule out sale opportunities in the future, but the very clear focus now is on development.”
Of course they can't rule out sale opportunities. Stay tuned.