Pacific Park tower moves to construction after $460M loan

258 of the tower’s 858 rental apartments will be set aside as affordable

New York /
Dec.December 24, 2019 10:00 AM
Greenland’s Hu Gang, Daniel Brodsky of the Brodsky Organization and a rendering of 18 6th Avenue in Brooklyn (Credit: China General Chamber of Commerce, Getty Images, and Pacific Park)

Greenland’s Hu Gang, Daniel Brodsky of the Brodsky Organization and a rendering of 18 6th Avenue in Brooklyn (Credit: China General Chamber of Commerce, Getty Images, and Pacific Park)

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.

It’s the second Pacific Park site Brodsky picked up. Along with TF Cornerstone, the developer joined as a partner some sites at the mega project in 2018.

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


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