Thursday, December 25, 2014

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Shanghai-Based Group Purchases Major Stake in Atlantic Yards Affordable Housing Project

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TWC News: Shanghai-Based Group Purchases Major Stake in Atlantic Yards Affordable Housing Project
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The Atlantic Yards development project in Brooklyn has a new international investor.

Forest City Ratner announced Tuesday that the Shanghai-based Greenland Group has purchased a major stake in the construction of affordable housing units in Prospect Heights.

The Chinese company will share all project costs associated with building over 2,200 units of affordable housing.

The residential and commercial development was promised as part of constructing Barclays Center in 2012.

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