Cash buyers snatch a third of US home sales
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.
