In Real Estate Power 50, City & State NY ranks Greenland's Hu #27, L&L MAG's Gilmartin #43 (really?)

OK, it's another "Power" list, this time City & State New York's inaugural Real Estate Power 50:

We reached out to insiders and experts to compile this list, ranking each person based on their achievements and their political clout. Since we cover elected officials on a day-to-day basis, we limited this list to those who influence policymaking from the outside.

But I can't say I agree with the placement of Hu Gang, President and CEO of Greenland USA, at 27. Here's the squib:

A newcomer among New York real estate power brokers, Hu Gang recently increased the company’s stake in the Pacific Park megaproject – formerly Atlantic Yards – from 70 percent to 95 percent. The 22-acre development, which may not be completed until 2035, is one of the largest ongoing projects in New York City. The China-based Greenland USA is also expanding in Los Angeles at a time when many Chinese investors are leaving the U.S. real estate market.

The description is incomplete. While Greenland USA did buy all buy 5% from Forest City last year, for a yet unreported sum it also sold development leases to three sites, to The Brodsky Organization and TF Cornerstone, seemingly making reasonable deals.

While that may be partial sign of strength, it's also a sign that Greenland is trying to offload risk and scoop up cash as it faces a looming 2025 deadline to build the project's affordable housing, for which it hasn't announced a plan. 

However powerful by virtue of the firm's size, Hu has not been much of a presence in New York City real estate discussions. (He was on Million Dollar Listing, though, playing along.)

And Greenland is not expanding in Los Angeles but rather retreating, aiming to sell the hotel within its Metropolis development and one of the three residential towers. Either way, the firm's role in California shouldn't affect a New York ranking.

Gilmartin at 43

The magazine ranked former Forest City head MaryAnne Gilmartin at 43, as co-founder and CEO of
L&L MAG, omitting her two partners:

MaryAnne Gilmartin, the former president and CEO of Forest City Ratner Cos., made waves last year when she left the firm to help found the real estate development company L&L Mag. Gilmartin, who begins work this year on a 460-unit building in Chelsea, has played a role in the development of the Barclays Center, The New York Times Building and the Tata Innovation Center at Cornell Tech. She is on the Real Estate Board of New York executive committee.

What about last year?

In a separate ranking last year, as I wrote 4/26/18, the Commercial Observer's always debatable Power 100 list, L&L MAG, including Gilmartin was, ranked 26, which I deemed premature. Now they have at least one project going. 

Hu was ranked 42, based on the restructuring. 

Given their histories in New York City, and networks of clout, I'd still expect to see Gilmartin ahead of Hu.