Greenland USA Develops Residential And Commercial Properties That Exemplify Modern Living
The subsidiary of the Chinese Greenland Holding Group creates vibrant communities where people and neighborhoods live, connect, enjoy, and thrive.
New York City is experiencing an alarming affordability crisis. For low, moderate, and middle income New Yorkers housing has become a serious challenge, all around the city. In this scenario, and with new developments in place, it is paramount for real estate developers to find innovative, creative, and integrated ways to deal with this modern challenge.
One company that has dedicated its efforts to addressing the unprecedented housing problem is Greenland USA. A subsidiary of the Chinese real estate developers Greenland Holding Group, which is publicly traded on the Shanghai Stock Exchange (SSE) and ranked 311th on the Fortune Global 500, Greenland USA was established in 2013 with a clear mission: Create local vibrant communities where people and neighborhoods thrive.
For Greenland USA, properties have a special purpose. Their vision is founded on the principle of bringing to life those real estate projects that blend harmoniously within a city. As a result, Greenland USA’s properties act as a catalyst for local economies, fostering local growth and serving communities in the most holistic and positive way. Residents become integrated into new, more evolved real estate communities, with a full range of services and amenities at their disposal.
Overall, the Greenland Group has an extensive portfolio of successful real estate projects. One of the largest real estate companies in the world, they have developed properties in 26 provinces in China, as well as in other countries that include the U.S., Australia, Canada, the UK, Germany, Japan, South Korea and Malaysia. To date, only in the United States, Greenland USA have invested more than $8B in projects on the East and West Coast.
Under the leadership of Mr. Hu Gang, president and CEO of Greenland USA since November 2015, the company continues its path to success. He is the leading force behind Greenland’s USA investment strategy. With nearly twenty years of experience in real estate development planning, construction, sales, and marketing, Mr. Hu oversees Greenland USA’s $8 billion in assets.
In June 2003, Mr. Hu joined Greenland Group as the assistant general director of the company’s Northeast China Division. Since the very beginning, his successes within the global real estate industry have made an impact on the company’s future. For example, Mr. Hu oversaw the construction of a 1.1 million-square-foot Shanghai City residential complex in Changchun, China.
One of the most notable Greenland developments in the U.S.—Brooklyn’s Pacific Park—is also being executed under Mr. Hu’s leadership. Pacific Park is one of the most high-level developments in New York City—and will remain to be so for years to come. It is a complex, challenging, costly, and ambitious project. Yet, its approach to creating vibrant communities is one that deserves special attention.
Why would happen if you build the ideal New York neighborhood from scratch? What would you do? These are the questions asked by the minds behind this project. The answer seems to be a clear one. Find one of the finest neighborhoods in New York City, and make it a place for all New Yorkers to live—“a new community with something for everyone”. The 6-million-square-foot mega development Pacific Park is exactly that—a diverse community that caters to all tastes and wallets.
The Pacific Park encompasses 15 buildings surrounding a stunning 8-acre park and offers a wide range of homes, from affordable and market-rate rentals to luxury condos. Despite the differences in pricing, the amenities available to residents of the buildings will be equally stunning.
The project is lead by Greenland Forest City Partners. This is a joint venture established in 2014 between Greenland USA, a subsidiary of Shanghai-based Greenland Group Co., and Forest City Ratner Companies, a subsidiary of Forest City Enterprises Inc. Greenland USA acquired 70 percent of the project, not including Barclays Center and 461 Dean Street, and is co-developing the project with Forest City. Both organizations are sharing in all project costs going forward in proportion to their ownership interests. Forest City Ratner Companies in partnership with Greenland USA co-manage day-to-day activities and develop the project consistently with the approved master plan.
Pacific Park will bring 6,430 new apartments —2,250 of which will be affordable rental units. The building at 38 Sixth Avenue, for example, is being positioned as “luxury living at affordable rents.” Designed by elite SHoP Architects, 23-story 38 Sixth features 303 affordable apartments with prices ranging from $532 to $3,700 per month.
For these prices, residents will get to enjoy such amenities as a fitness center, a children’s playroom, pet grooming services, a lounge, an outdoor terrace, a yoga studio, a game room, bike storage and laundry rooms.
The other buildings in the mix are equally opulent. The site already boasts the world’s tallest modular apartment building —461 Dean Street— which opened in November 2016. More than 50 percent of market-rate units have been rented out since marketing launched last year in October.
The other prominent buildings include 18-story 535 Carlton, 550 Vanderbilt and 664 Pacific Street. The latter was designed by Marvel Architects and will house a public middle school at its base and a gym, indoor and outdoor resident lounges.
This summer, Greenland Forest City Partners opened 535 Carlton. Designed by COOKFOX and situated in one of the most desirable parts of the city, this 298-unit building is 100 percent affordable. In addition, this property is an example that the public-private affordable housing model can be effective and deliver positive results when plan correctly.
“For hundreds of families right here in Brooklyn, these homes represent economic security, the chance to save a little every month and get ahead, and the assurance that they’ll be able to afford to stay in the borough they love,” Mayor Bill de Blasio said in a statement. The 535 Carlton represented a milestone in the fulfillment of Mayor de Blasio’s plan to create or preserve 200,000 affordable apartments, and developer Greenland Forest City’s commitment to build 2,250 affordable apartments.
“While each building [in the Pacific Pak complex] is unique, they’ll all offer light, airy ambiances where residents can relax from the hustle and bustle of the city,” reads the mega development description on the Greenland USA website. “Homes will also be oriented with views in mind, whether it be of the Manhattan skyline, or the park, with its sloping lawns for picnics and sunbathing, public promenade, children’s play areas, dog runs, and athletic spaces.”
The gigantic mixed-use development will also feature prime commercial space. New York-Presbyterian Brooklyn Methodist Hospital, for example, has already inked a 26K square-foot deal at 38 Sixth Avenue.
The Pacific Park Brooklyn development is expected to be completed by 2025. It contains 247,000 square feet of retail space, up to 1.6 million square feet of office space, and eight acres of publicly-accessible open space. While some buildings haven’t been completed yet, Pacific Park will be more than just a development project. Its legacy will go beyond their amazing structures or architectural wonders. This new neighborhood will transform communities and exemplify modern living for all residents. Furthermore, Pacific Park links “old Brooklyn” to “new Brooklyn,” connecting everyone in between.