According to commercialobserver.com, Forest City Enterprises and state-owned Chinese developer Greenland Holdings Group have agreed to develop 6,400 apartments in Atlantic Yards in Brooklyn, 2,400 of which will be designated as affordable housing. Greenland will acquire a 70 percent stake in the Atlantic Yards project, which includes phases one and two of the project, but excludes the Barclays Center and the B2 modular housing development now under way. Last August Forest City Ratner announced it was seeking a partner to invest up to $800 million to make the huge development a reality. As MHProNews has learned, Forest City will manage the day-to-day activities of the project. David Larue of Forest City said, “This agreement is an important step forward for Atlantic Yards. We look forward to welcoming Greenland Group as a partner and applaud their commitment to affordable housing, their dedication to the future of Brooklyn and New York, and their confidence in Forest City.”
