TF Cornerstone, Brodsky Buy Into 1,000 Units At Pacific Park
TF Cornerstone and the Brodsky Organization are taking control of three sites of the Pacific Park megaproject in Brooklyn.
The developers are buying the leases from a joint venture led by Greenland USA, an arm of Shanghai-based Greenland Group, the firms announced Wednesday.
The first project will be at 664 Pacific St., Brodsky principal Dean Amro told the New York Post. That building will feature 300 rental units above a middle school, and construction is set to start in the first quarter of 2019.
TF Cornerstone will take over construction on the buildings at 615 and 595 Dean St. — which will collectively feature 800 units — which won't start for another 12 to 18 months.
Meanwhile, the Greenland partnership will start on a 500-foot-tall building next to the Barclays Center next year.
Right now Greenland owns 95% of the joint venture that is redeveloping the 22-acre site, while Forest City, the original developer, which has sold multiple stakes to Greenland over the years, now owns 5%. The deals with Brodsky and TF Cornerstone are set to close at the end of the year, and financial terms were not made clear.
“Greenland Forest City Partners is now in a position to accelerate development at Pacific Park, where we are fully committed to delivering industry-leading, thoughtfully designed residential buildings and community space to Brooklyn,” Greenland Forest City Partners Executive Vice President of Development Scott Solish said in a release.
The project needs to deliver 2,500 affordable units by 2025 under a state-imposed deadline.
Forest City, which is in the process of being taken over by Brookfield, sold 70% of Pacific Park to Greenland USA in 2013. It sold another 25% to the firm earlier this year.