Dive Brief:

• Forest City Enterprises Inc. has sold 70% of the Atlantic Yards project in Brooklyn to a company with roots in Shanghai, and those 22 acres are now called Pacific Park Brooklyn.
• Greenland USA, a subsidiary of Greenland Group Co., bought the big slice of the project originally valued at $4.9 billion.
• The new development entity called Greenland Forest City Partners has hired a new architect, along with bestowing the new name, for two residential high-rises, with one scheduled for start in December and the other in June 2015.

Dive Insight:

Atlantic Yards has run into various financing issues and lawsuits since its inception. The deal with Greenland does not include the successful Barclay's Center arena or an apartment building, B2 Bklyn, that is underway.