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Acquisitions

TF Cornerstone pays $143M for 595 and 615 Dean Street in Pacific Park

The two sites allow for the development of 644,400 SF

Rendering of 615 Dean Street (Credit: Greenland Forest City Partners)

TF Cornerstone has closed on its acquisition of 595 and 615 Dean Street from Greenland Forest City Partners for $143.1 million. The two development sites at Brooklyn’s Pacific Park allow for the construction of 644,400 square feet.

Plans: Upon completion, the adjacent sites will house two residential buildings with around 800 apartments, a retail component, parking, and open space. 

Technical detail: TF Cornerstone’s Frederick and Tom Elghanayan are technically taking over the leases with the Empire State Development Corporation, according to CO. However, the leases will convert into full fee simple ownership upon completion of the construction.

Be Smart: The Brodsky Organization recently acquired the nearby 664 Pacific Street nearby where it’s planning to build 300 rental apartments and a school.

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