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Forest City and Greenland Close on Atlantic Yards Partnership

BROOKLYN, NY-The arrangement, initially revealed in October, lends Forest City a hand on financing while giving the China-based Greenland access to this white-hot market.

By Rayna Katz | Updated on December 16, 2013

BROOKLYN, NY – Forest City Enterprises and Shanghai-based Greenland Group Co. have completed a definitive agreement for a joint venture to develop Atlantic Yards, a 22-acre residential and commercial real estate project in Brooklyn. The two companies hadannounced a memorandum of understanding for the joint venture in October.

The joint venture, which is expected to close in 2014, would cover both phase one and phase two of the project – excluding Barclays Center and the first housing tower, B2 – including infrastructure, a permanent MTA rail yard, a platform above the rail yard and future residential units.  The closing of the agreement is subject to necessary regulatory approvals, including the Committee on Foreign Investment in the United States (CFIUS) as well as the government of China.

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