From the Wall Street Journal yesterday, Chinese Dumped $1 Billion of U.S. Real Estate in Third Quarter, Extending Recent Retreat:
In Brooklyn
What does that mean for Greenland USA, the majority owner of Atlantic Yards/Pacific Park? Well, they've already offloaded three sites (B12, B13, B15) to two local developers, TF Cornerstone and The Brodsky Organization, and announced plans to build another tower, B4.
Those are the remaining towers on terra firma, with the exception of Site 5, currently home to Modell's and P.C. Richard, and which will need a change in the guiding General Project Plan, which requires public hearings, to support much larger towers than approved.
The question is whether and how Greenland Forest City Partners, 95% owned by Greenland going forward, will build six towers on a platform over the Vanderbilt Yard, or whether it will bring in partners, or delay, or....
In Los Angeles
In Los Angeles, as the Real Deal reported 12/3/18, Greenland wants out:
Chinese investors offloaded more than $1 billion in U.S. real estate in the third quarter, extending their recent retreat from hotels, office buildings and other foreign property under pressure from Beijing to reduce debt and curb money sent abroad.This marks a two-quarter trend in which Chinese companies have flipped from being buyers to sellers. Beyond pressure on debt and foreign investment, the WSJ suggests that "trade tension" between the two countries may be a factor.
In Brooklyn
What does that mean for Greenland USA, the majority owner of Atlantic Yards/Pacific Park? Well, they've already offloaded three sites (B12, B13, B15) to two local developers, TF Cornerstone and The Brodsky Organization, and announced plans to build another tower, B4.
Those are the remaining towers on terra firma, with the exception of Site 5, currently home to Modell's and P.C. Richard, and which will need a change in the guiding General Project Plan, which requires public hearings, to support much larger towers than approved.
The question is whether and how Greenland Forest City Partners, 95% owned by Greenland going forward, will build six towers on a platform over the Vanderbilt Yard, or whether it will bring in partners, or delay, or....
In Los Angeles
In Los Angeles, as the Real Deal reported 12/3/18, Greenland wants out:
In August, Greenland USA secured $310 million in funding for the last portion of the massive Metropolis project in DTLA. That will finance a 56-story, 1 million-square-foot, 685-unit condo tower under construction. It joins the 350-room Hotel Indigo and two other residential towers with 822 condos between them. Greenland opened the two residential towers in August. The 685-unit condo tower project is financed through Natixis, but the question remains who will be completing it and when: Greenland USA has been shopping the tower since February.
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