TF Cornerstone paid $143M for Pacific Park development sites

The Brooklyn sites at 615 and 595 Dean Street were sold by Greenland Forest City

TRD New York /
Feb.February 27, 2019 09:15 AM

TF Cornerstone Principal Jeremy Shell with 615 and 595 Dean Street (Credit: REBNY and Google Maps)

TF Cornerstone paid Greenland Forest City $143 million to purchase two Pacific Park development sites it plans to build 800 apartments on.

The deal for 615 and 595 Dean recently closed, according to Commercial Observer. The developer, known primarily for its developments in Queens and Manhattan, plans to build two towers with 800 apartments and retail, as well as over 70,000 square feet of open space. Greenland Forest City had planned to construct a 25-story condominium building at the site before selling it.

As part of the deal, the firm will also take over two development leases the previous owner had with the state’s Empire State Development Corporation. Once construction is completed, those will convert to ownership.

TF Cornerstone also joins a growing number of developers and landlords who have entered the controversial 22-acre site, formerly known as Atlantic Yards. Greenland Forest City was given a deadline by the state to develop 2,250 affordable apartments by 2025, but just five of the project’s 15 buildings have been completed. The Brodsky Group also purchased a site at 664 Pacific Street with plans for 300 apartments. [CO] — David Jeans

Related Articles


“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

California passes landmark rent control law

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

The construction giants catching a Windy City windfall

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now