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
Stephen Klym (Rabih Chebab)
Warburg Realty taps veteran BHS exec to run Tribeca office
Warburg Realty taps veteran BHS exec to run Tribeca office
Glenn Sanford (Photo courtesy of eXp Realty)
The Closing: Glenn Sanford
The Closing: Glenn Sanford
(Getty, iStock)
Buyers hunt Hamptons, North Fork homes — often in vain
Buyers hunt Hamptons, North Fork homes — often in vain
Hispanics account for more than half of U.S. homeownership growth in the past decade despite making up only 18 percent of the population. (iStock)
Buenas noticias: Hispanic homeownership soars
Buenas noticias: Hispanic homeownership soars
552 1st Street and 555 1st Street (Corcoran)
Park Slope townhouses top Brooklyn’s luxury contracts
Park Slope townhouses top Brooklyn’s luxury contracts
It may not be so easy to book a vacation this year: Rental listings are flying off the market, and prices are soaring. (iStock)
Bonkers season on tap for summer vacation rentals
Bonkers season on tap for summer vacation rentals
Refinances made up 60 percent of all applications, up slightly from 59.2 percent the previous week. (iStock)
Mortgage rates dip, triggering surge in loan requests
Mortgage rates dip, triggering surge in loan requests
Freddie Mac’s economists said the slowdown will be caused by a hike in mortgage rates and limits on housing supply. (iStock)
Fannie, Freddie say housing market could see slight hiccup
Fannie, Freddie say housing market could see slight hiccup
arrow_forward_ios

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

Loading...