No surprise: in latest required six-month look-ahead, developer Greenland USA predicts no construction on the stalled project.

It's no surprise. The six-month look-ahead required of the Atlantic Yards/Pacific Park developer again indicated that no construction is planned for the second half of 2024.

After all, the project's stalled, and the six development sites over the MTA's Vanderbilt Yard face a foreclosure auction, which has been postponed four times, likely awaiting a larger renegotiation of project terms.

According to the document (below), Greenland USA's Jen Kuang told Empire State Development (ESD), the state authority that oversees Atlantic Yards/Pacific Park, that no construction activities are scheduled for Block 1120, which was supposed to be the first block of a two-block platform.

Each block would support three towers. (I acquired the letter thanks to a Freedom of Information Law request.)

Past pattern

As I wrote last December, Greenland was once more optimistic. In the May 6, 2020 memo covering the second half of 2020, the developer pronounced, unwisely in retrospect, that "Platform construction will commence." 

It didn't. After that, the next five semi-annual documents, as in the one dated Dec. 6, 2022, stated, "Platform construction may commence during the reporting period." 

Surprisingly, a June 1, 2023 document predicting work in the second half of 2023 stated that platform construction was "likely to begin." That didn't happen, either. 

The parent company, Shanghai-based Greenland Holdings, is struggling, as noted by its decline in the Forbes Global 2000 index.