TF Cornerstone paid $143M for Pacific Park development sites

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

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

arrow_forward_ios
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
U.S. District Court Judge Dabney Friedrich (Senate/Chris Coons, iStock)
Judge strikes down federal eviction ban
Judge strikes down federal eviction ban
Sen. Brian Kavanagh and RSA President Joe Strasburg (Getty, Strasburg via Jeffersons Siegel)
Rent relief hinges on dwindling goodwill
Rent relief hinges on dwindling goodwill
Colliers International CEO Jay Hennick (Colliers, iStock)
Colliers’ acquisitions help boost company’s Q1 revenue
Colliers’ acquisitions help boost company’s Q1 revenue
The Howard Hughes Corporation CEO David O'Reilly (LinkedIn via David O'Reilly)
Howard Hughes’ (slightly less) big Seaport project approved
Howard Hughes’ (slightly less) big Seaport project approved
Innovo Property Group CEO Andrew Chung and 1110 Oak Point Avenue 1110 Oak Point Avenue. (New York Expo Center, Innovo)
Innovo Property Group aims to raise $140M for Bronx industrial site
Innovo Property Group aims to raise $140M for Bronx industrial site
Sen. Brian Kavanagh (Getty, iStock)
New York votes to extend eviction ban through August
New York votes to extend eviction ban through August
arrow_forward_ios

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

Loading...