Greenland USA and Forest City Realty Trust have completed the restructuring of Greenland Forest City Partners, the joint venture that is developing Pacific Park Brooklyn
The restructuring give Greenland USA 95 percent ownership of the new 22-acre mixed-use development next to the Barclays Center. Forest City’s interest decreases from 30 percent to five percent.
Greenland USA will assume primary responsibility for the remaining development work at Pacific Park. The restructuring does not impact three projects previously developed and completed by the joint venture: 38 Sixth Avenue, 535 Carlton and 550 Vanderbilt.
“Pacific Park is an important development and we are committed to continuing to deliver the terrific mixed-use community that we have begun to build in the heart of Brooklyn,” said Hu Gang, President and CEO of Greenland USA.
“We’re proud of the significant progress we’ve already made – particularly providing much needed affordable housing and local retail – and with the completion of this restructuring are ready to immediately build on this momentum.”
“The restructuring aligns with our strategy of maintaining an overall lower level of development activity, even as we remain fully committed to, and engaged in the joint venture,” said David J. LaRue, President and Chief Executive Officer of Forest City Realty Trust.
“The restructuring also keeps remaining entitled development on track to achieve our shared vision for Pacific Park. Forest City continues to believe strongly in the New York market – one the strongest and most resilient real estate markets in the country – and we continue to have a significant presence and portfolio there.”