TF Cornerstone Paying Greenland $143M On Pacific Park Sites
TF Cornerstone has closed on the purchase of two sites at Brooklyn’s Pacific Park megaproject, where it plans to build 800 units.
The company — the developer selected for the now-canceled Amazon HQ2 in Long Island City — paid Greenland and Forest City New York $143.1M for the parcels at 615 and 595 Dean St., Commercial Observer reports.
“TF Cornerstone has five decades of experience working on large-scale public-private developments, and we are very excited to bring our expertise to Pacific Park,” TFC principal Jeremy Shell said in a statement.
TF Cornerstone and Brodsky Organization announced last year they were teaming up to buy three sites from the Greenland-Forest City joint venture. Brodsky's site is at 644 Pacific St.
The Pacific Park project, as part of Forest City's original deal with the state, is required to deliver 2,500 affordable units by 2025. Forest City, now owned by Brookfield Asset Management, sold 70% of Pacific Park to Greenland USA in 2013. It sold another 25% to the firm last year.