Eminent Domain Threatens Seven Properties in Atlantic Yards

(Image: COOKFOX)

And so-called “Pacific Park” rolls on: The Empire State Development Corporation (ESDC) has asked a Brooklyn Supreme Court judge to assess appropriate compensation for the owners of seven properties in the Atlantic Yards Development Zone.

DNAinfo reports this morning that, in the never-ending shell game of New York City real estate development, the ESDC is operating on behalf of Forest City Ratner, the developer in charge of the Pacific Park rebrand, who brought on Greenland Holding earlier this year, a development firm owned by the Chinese government, to create Greenland Forest City. Greenland Forest City reportedly bought up the “footprint for the project and related debt costs” for $547 million—paid to Forest City Ratner and Greenland Holding.

It’s a pretty slick move on Forest City Ratner’s part, from insinuating itself into the ESDC’s eminent domain efforts to teaming up with foreign investors, creating a separate domestic joint venture to then buy the development from itself and Greenland Holding, making a tidy profit while its newest subsidiary buys up the block. New York!

Follow John Sherman on Twitter @_john_sherman.

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