Greenland Forest City Partners says it's "fully committed and resourced to complete Pacific Park Brooklyn" and it's "unaffected by unrelated corporations around the world"
- Brewing crisis with huge Chinese property developer Evergrande casts cloud over real-estate giants, including Greenland, parent of Atlantic Yards/Pacific Park master developer
- That delayed platform over the Vanderbilt Yard reminds us of a company "exposed to one of the world’s most volatile economies”
“Greenland Forest City Partners is fully committed and resourced to complete Pacific Park Brooklyn, and our business remains unaffected by unrelated corporations around the world. To speculate otherwise would be a complete mischaracterization of our commitment to complete this world-class project in Brooklyn. We have accelerated development over the past several years with two new buildings and several hundred affordable units being delivered in the coming months.”
A few comments in response
Ok, but I'm not the only one speculating--so too did The Real Deal, which is an industry-friendly publication focused on real estate.
Keep in mind that Atlantic Yards/Pacific Park has a history of promises that sound certain but turn out not to be that, such as original developer Bruce Ratner's 2008 statement "We anticipate finishing all of Atlantic Yards by 2018," his successor MaryAnne Gilmartin's 2010 statement "We don't build to flip," and even Greenland USA executive Scott Solish's September 2019 statement about planning to start platform construction in 2020.
(Yes, there was a pandemic, but we haven't gotten an updated timetable.)
"Fully... resourced"?
We've heard the "fully committed" statement already but "fully... resourced" is kind of new. That raises the question about 1) parent Greenland Holdings Corp. will meet the "three red lines" test that limit borrowing and whether, if not, 2) Greenland Forest City Partners would still have the resources.
Meanwhile, the statement about commitment would be more convincing if and when they announce plans to start the platform and also how they will meet the affordable housing obligations.
Comments
Post a Comment