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Ratner Agrees To Sell Majority Stake In Atlantic Yards

Developer agrees to sell 70 percent stake in ongoing venture to Chinese developer.

The plan to sell a majority stake of the ongoing and still-contentious Atlantic Yards project is complete, Forest City Ratner said Monday.

According to a press release sent out Monday morning, the development group has agreed to sell a 70 percent stake in the Atlantic Yards development to Shanghai-based developer Greenland. The group said going forward, the project would be a joint venture between both companies. 

The deal will not include the Barclays Center and the first residential tower at the site, which has yet to be built. It will include nearby infrastructure and housing, as well as an MTA rail yard and a platform above the rail yard, Forest City Ratner revealed. 

"With this definitive agreement in place, we are a major step closer to delivering more expeditiously the affordable housing and other benefits of Atlantic Yards to Brooklyn," developer Bruce Ratner said in a statement. "The Greenland Group’s interest and willingness to make this investment is an extraordinary vote of confidence in our City and State and we look forward to working with them as partners as we bring Atlantic Yards to completion, especially the 6,430 units of housing, including 2,250 units of affordable housing."

Opponents of the sale circulated a petition earlier this month, urging Gov. Andrew Cuomo to block the sale unless local residents received a more concrete promise and signs of progress on the development of affordable housing. 

What do you think, Brooklyn? How does the sale strike you? Let us know in the comments. 

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