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
From left: 80 Columbus Circle with Robert Stiller and 737 Park Avenue with Hamad bin Khalifa Al Thani (Photos via Google Maps, Agnovos, State of Qatar, Godsfriendchuck/Wikimedia)
Mandarin Oriental, 737 Park units sell at substantial losses
Mandarin Oriental, 737 Park units sell at substantial losses
Steve Cohen and 151 East 158th Street (Getty, Google Maps)
Steve Cohen’s $30M condo sells above asking — after a 74% cut
Steve Cohen’s $30M condo sells above asking — after a 74% cut
Nicole Oge, Casa Blanca founders Hannah Bomze and Erez Zaurer (Getty, Casa Blanca)
Former Elliman, WeWork marketing chief joins “Bumble for homes” startup
Former Elliman, WeWork marketing chief joins “Bumble for homes” startup
470 Broome Street  and Rayo Withanage (Photos via Saltzman Architects, P.C. and Withanage)
From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
Tenants are singing longer leases to lock in low rent. (Getty)
Tenants locking in longer leases as apartment rents rise
Tenants locking in longer leases as apartment rents rise
Last year more people relocated to ZIP codes with lower home values and more space. (Getty)
Long-distance movers found cheaper and larger homes in 2020
Long-distance movers found cheaper and larger homes in 2020
Federal Reserve Chair Jerome Powell (Getty)
Traders eye Fed pullback on mortgage bonds
Traders eye Fed pullback on mortgage bonds
(iStock)
Manhattan contracts bloomed to all-time highs in the spring
Manhattan contracts bloomed to all-time highs in the spring
arrow_forward_ios

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

Loading...