The Real Deal New York

TF Cornerstone paid $143M for Pacific Park development sites

The Brooklyn sites at 615 and 595 Dean Street were sold by Greenland Forest City
February 27, 2019 09:15AM

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