TF Cornerstone, Brodsky take over 3 sites at Pacific Park

Projects will bring 1,100 new apartments

Sep.September 26, 2018 08:37 AM

TF Cornerstone’s Fred Elghanayan (blue), Daniel Brodsky (purple), and renderings of Pacific Park in Brooklyn (Credit: Curbed NY, The Metropolitan Museum of Art, and TF Cornerstone)

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

Related Articles

The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250 North 10th Street and TF Cornerstone president Frederick Elghanayan (Credit: Google Maps)

TF Cornerstone pays $140M for Williamsburg multifamily building

250th Issue

The Real Deal celebrates 250 issues