DLA Piper has acted for Greenland Holdings of China in the purchase of a stake in the Brooklyn Atlantic Yards project: the largest commercial real-estate development in the US to get direct backing from a Chinese company.
The state-owned property developer signed a memorandum of understanding with Forest City Ratner Cos last Friday, which will give the company a 70 per cent stake in the 15-tower apartment project in New York, which also includes office and retail space.
The Atlantic Yards site also includes the Barclays Centre arena, which is jointly owned by Forest City and Russian billionaire Mikhail Prokhorov.
This is the first transaction for Greenland in the New York area and DLA Piper will be assisting Greenland to navigate the complex legal, commercial and political issues involved in this landmark project.
DLA Piper’s team is led by Kit Kwok, partner in the DLA Piper Shanghai office, working with Lillian Duan and Sarah Wang and supported by Martin Polevoy of DLA Piper’s New York office.