Construction is kicking off at the Brodsky Organization’s Pacific Park rental building thanks to a big construction loan.
Brodsky and Greenland Forest City Partners landed a $460 million loan from a consortium, with M&T Bank and Bank of New York at the helm, according to the New York Post.
Greenland’s Scott Solish said the closing was a “major milestone in developing Pacific Park’s most ambitious building to date.”
The tower, at 18 Sixth Avenue, will have 858 rental apartments, including 258 affordable-housing units. Work at site had reportedly been expected to start in the spring of this year. It is expected to open in 2022.
Forest City started the 22-acre project, then called Atlantic Yards, in 2005 but faced delays because of construction issues and the financial crisis. Greenland joined as a 70-percent partner in 2013, and upped its stake to 95 percent in January 2018 as Forest City retreated from ground-up development. Brookfield acquired Forest City later that year, taking over its remaining 5 percent stake.
In September, Brodsky secured a $144 million loan from Bank of New York Mellon for the development of another site in the mega project, the 312-unit rental building at 662 Pacific Street. [NYP] — Sylvia Varnham O’Regan