GOIN’ SMALL TIME

Forest City slices its Pacific Park stake to 5%

Going, going … all but gone.

The real estate development company founded by Bruce Ratner, which launched Brooklyn’s Pacific Park mega-complex 13 years ago, will reduce its stake in the $5 billion project to a mere 5 percent, The Post has learned.

Its partner, Greenland USA, will increase its stake to 95 percent from 70 percent in the restructuring, sources said, firmly putting the subsidiary of China’s Greenland Group in the driver’s seat at Pacific Park — previously known as Atlantic Yards.

Greenland intends to move forward swiftly with plans for a new apartment building at Atlantic and Sixth avenues, next door to Barclays Center, with a ground-breaking in 2019, sources said.

The restructuring could be announced as soon as this week.

With Greenland USA firmly in control, the longdelayed complex is likely to get a badly needed infusion of energy — and capital. Only four of 15 planned buildings have gone up 13 years after Ratner won city and state approval to create a new, 22-acre residential and recreational complex at the juncture of Atlantic and Flatbush avenues.

Greenland USA has backed major projects in Los Angeles and San Francisco since entering the US market in 2013 and wants to make its mark on New York development as well.

On the other hand, Forest City has recently reduced its development activity to remain focused on already constructed assets — including a portion of the New York Times headquarters and the Frank Gehry-designed 8 Spruce St. apartment tower in downtown Manhattan.

Ratner, 72, a scion of Forest City New York’s parent Forest City Enterprises, kickstarted Pacific Park in 2005 and ran the New York division until 2013.

FCNY sold a 70 percent stake in Pacific Park to Greenland USA in 2013 for a reported $200 million. The deal didn’t include Barclays Center or 461 Dean St. Both are part of Pacific Park.

Ratner famously built Bar- clays Center, a sports and entertainment arena, but Forest City sold its share in 2015 to Mikhail Prokhorov’s Onexim Sports and Entertainment.

Forest City Realty Trust, which became a publicly traded REIT in 2016, now owns only one building at the site outright — 461 Dean St., an apartment building where half the units are “affordable.”

FCNY continued to play a major development role at Pacific Park even as a minority partner — but the project stalled.

Signs of tension between Greenland USA and Ratner surfaced last June when Hu Gang, chief executive of Greenland USA, said he expected to break ground on two more buildings by the end of 2017. But in November, Forest City Realty Trust CEO David LaRue said his company had no timetable for new construction, citing anxiety over competition from 30,000 new apartments being built or planned in Brooklyn.

Forest City stopped all work there, citing a $307.6 million accounting loss on the project.

Greenland USA will be under pressure to meet a statecity deadline in 2025 to complete some 2,250 affordable housing units at Pacific Park.

To date, only a few hundred have been built.