From The Real Deal, 7/10/20, Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks:
A look at the underlying database shows that both Greenland US Management LLC and Greenland LA Metropolis Hotel Development LLC, both based in Los Angeles, got loans between $1-$2 million.
There's no indication any specific Pacific Park Brooklyn entitities got the loans, nor whether Greenland's headquarters loan supports workers in New York.
Among the many, many firms, organizations, and entitites that received funding was FullStack Modular, the successor to the modular construction company started by Forest City Ratner and Skanska. FullStack got between $350,000 and $1 million.
With the free market in free fall, real estate bigwigs turned to Uncle Sam.
Harry Macklowe, Aby Rosen and the U.S. subsidiary of Chinese developer Greenland were among the thousands of recipients of the Small Business Administration’s Paycheck Protection Program. The program, which provides forgivable loans so companies can keep employees on payroll, has been extended for a third time.
Developers and landlords were excluded from the program, but some used loopholes — such as applying through related business arms such as property management — to access the funds.
All told, more than 6,500 landlords, developers, real estate investment firms and private equity investors in the U.S. received the loans, according to The Real Deal’s analysis of SBA data.The article lists "Greenland USA, the developer behind Metropolis in Los Angeles and much of Pacific Park in Brooklyn," as among the firms that received between $1-$2 million. (Greenland, like others, did not respond to requests for comment.)
A look at the underlying database shows that both Greenland US Management LLC and Greenland LA Metropolis Hotel Development LLC, both based in Los Angeles, got loans between $1-$2 million.
There's no indication any specific Pacific Park Brooklyn entitities got the loans, nor whether Greenland's headquarters loan supports workers in New York.
Among the many, many firms, organizations, and entitites that received funding was FullStack Modular, the successor to the modular construction company started by Forest City Ratner and Skanska. FullStack got between $350,000 and $1 million.
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