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Forest City Explains Atlantic Yards JV

NEW YORK CITY-The developer of the massive MXD in Brooklyn recently announced the closing of a joint venture with a China-based company that will fund much of the project.

By Rayna Katz | Updated on December 20, 2013

NEW YORK CITY-Forest City Enterprises has provided additional information on its pending joint venture with Shanghai-based Greenland Group for the development of Atlantic Yards. The two companies announced earlier this week the closing of a definitive agreement for the joint venture, which is expected to close in mid-2014.

Under the terms of the definitive agreement, Greenland will make a capital contribution at closing of approximately $200 million in exchange for a 70% equity interest in the project—excluding Barclays Center and B2, the first residential building. Going forward, both companies will invest and share development risk in proportion to their respective ownership stakes on the entire remaining project, including infrastructure costs and vertical construction for both phase one and phase two.

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