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    • CommentTimeApr 7th 2018

    percent affordable" for low- Nike
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     , moderate-
    and middle-income households, according to Greenland Forest City Partners.

    The affordable housing plan is part of a multitower Pacific Park Brooklyn
    project, which was previously known as the Atlantic Yards. Greenland Group said
    it will invest $4.9 billion.

    With revenue of $41 billion last year, Shanghai-based Greenland is one of
    China's largest conglomerates focusing on energy Nike
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     , finance
    and real estate.

    The developer entered the US market in 2013 as doubts hit the cooling market
    at home. After investing $1 billion in the Los Angeles Metropolis project in
    July, it took a major stake in the Pacific Park project last October.

    The project at 535 Carlton Avenue falls under New York City's Inclusionary
    Housing Program.

    Under the program's regulations, if new developments or floor area
    enlargements of more than 50 percent in designated areas allocate at least 20
    percent of the residential floor area for affordable housing, developers can
    receive subsidies and a floor area bonus.

    The affordable housing project Homme
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    which is expected to open in the fall of 2016, is the second of its kind by
    Greenland Forest City Partners at Pacific Park.

    Of the 6,430 units Greenland Forest City Partners is expected to deliver,
    more than one-third will be affordable housing.

    • CommentTimeJun 4th 2018