Skip to main content

Featured Post

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

Real Deal: Greenland trying to sell hotel in L.A. Could help parent company with debts, also finance project in Brooklyn

Greenland shopping Hotel Indigo — again, The Real Deal reported 7/14/22, citing the effort by Greenland USA, the main developer of Atlantic Yards/Pacific Park, to gain some cash from part of its other big project, Metropolis in Los Angeles.

Greenland owns nearly all of Greenland Forest City Partners.

While Greenland wouldn't talk, The Real Deal noted that the company, whose parent Greenland Holdings has seen its credit rating plummet to--and recover slightly from--Selective Default, likely needs the cash, given looming bills.

That assumes that there's no firewall between parent and subsidiary. Why should there be--after all, the parent initially was said to be able supply equity for projects like Atlantic Yards.

In 2018, Greenland sought $280 million for the hotel, but apparently got no takers.

It's unclear whether money raised from the sale of the hotel would go back to the parent, would adjust the Metropolis balance sheet, but if money's fungible, well, it just might help finance the construction of both the railyard platform and the B5 tower in Brooklyn, building on the recent sale of 535 Carlton and 38 Sixth.