TF Cornerstone, Brodsky take over 3 sites at Pacific Park
TF Cornerstone and the Brodsky Organization are taking over three development sites at Pacific Park from Greenland USA and plan to build more than 1,000 new apartments.
The Brodsky Organization is buying the development lease at 664 Pacific Street, where it plans to build a 300-unit rental building, the New York Post reported. Construction is expected to start in the first quarter of 2019, which would make it the first new project at Pacific Park to rise.
TF Cornerstone is still planning out a pair of buildings at 615 and 595 Dean Street, which will bring another 800 apartments to the 22-acre mega-project.
Greenland and Forest City New York, which owns a 5 percent stake in Pacific Park, sold the development leases under undisclosed terms. The leases will convert to ownership rights once the buildings are completed.
“It wasn’t a planned transaction, but it came to us,” said Scott Solish, director of development at Greenland. “We’re thrilled to partner with two developers that have deep roots in the city.”
The deals will help Greenland and Forest City meet the state’s 2025 deadline to complete 2,250 affordable apartments.The remainder of the project, according to the Brooklyn Bridge Business News, might not be delivered until 2035. Only five of the project’s 15 buildings have been constructed. Greenland is expected to break ground on an apartment tower next to the Barclays Center in early 2019. [NYP] — Kathryn Brenzel