Greenland nixes plans for condos, ups rental units at tower near Barclays

Project will have 810 rental units

New York /
Oct.October 08, 2018 11:48 AM

Greenland’s Hu Gang and a rendering of 18 6th Avenue in Brooklyn (Credit: China General Chamber of Commerce and Perkins Eastman via YIMBY)

Greenland USA’s new residential tower at Pacific Park won’t have any condo units and will be larger than previously announced.

The developer on Saturday filed plans for an 810-unit building at 18 Sixth Avenue, which will feature 727,000 square feet for residential and another 52,000 square feet for commercial use. Greenland had previously announced a 760-plus unit tower with 551 rental and 213 condo units, but representatives for the developer indicated on Monday that the project will be all rental.

The change comes as condo developers are increasingly slashing prices to combat an overabundance in supply. Greenland also briefly considered building an office tower on the site — known as B4 — but told The Real Deal in January that that idea was no longer on the table. Brooklyn’s office market hasn’t exactly taken off as expected.

There’s been a lot of changes at the 22-acre megadevelopment in the past few months. After increasing its stake in Pacific Park from 70 to 95 percent, Greenland sold three development sites to TF Cornerstone and the Brodsky Organization.

Brodsky agreed to take over 664 Pacific Street, where it plans to build a 300-unit rental building. TF Cornerstone is expected to build another 800 apartments in a pair of towers at 615 and 595 Dean Street.

The deals aim to help Greenland and Forest City New York, which owns a 5 percent stake in Pacific Park, meet the state’s deadline to complete 2,250 affordable apartments by 2025. The remainder of the project, according to some estimates, might not be delivered until 2035. Only five of the project’s 15 buildings have been constructed so far. Greenland plans to break ground on B4 in early 2019.


Related Articles

arrow_forward_ios
Competition for Rentals Heats Up in Manhattan, Brooklyn, Queens
Is Airbnb playing a role in NYC’s skyrocketing rents?
Is Airbnb playing a role in NYC’s skyrocketing rents?
A Smurf house? (Caldwell Banker)
Smurf-erriffic! Michigan home seems to be inspired by cartoon
Smurf-erriffic! Michigan home seems to be inspired by cartoon
The home where Christopher Watts killed his pregnant wife is on the market. (Getty)
Colorado home where infamous murder took place quietly listed
Colorado home where infamous murder took place quietly listed
From left: Amy Schumer and 190 Riverside Drive; Jimmy Fallon and 34 Gramercy Park East (Getty Images, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons, iStock)
Jimmy Fallon, Amy Schumer selling Manhattan pads
Jimmy Fallon, Amy Schumer selling Manhattan pads
OKO's Vladislav Doronin and the Crown Building ( OKO Group, Aman)
Crown Building notches another peak sale with $55M condo
Crown Building notches another peak sale with $55M condo
R-L: Willow's Kevin Danehy, Era Ventures' Clelia Warburg Peters, Fifth Wall's Brad Greiwe and The Real Deal's Hiten Samtani (Photo by Paul Dilakian)
Real estate tech is coming for your business
Real estate tech is coming for your business
A photo illustration of a crystal ball predicting future home prices (iStock)
Home sales, building to slow: Fannie Mae
Home sales, building to slow: Fannie Mae
New York skyline
Rising interest rates will dampen city’s investment sales market this year
Rising interest rates will dampen city’s investment sales market this year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...