Well, I'm going to give Brookfield Properties the benefit of the doubt, but presumably they'll update their description of Pacific Park Brooklyn, of which they own a relatively small fraction:
three towers--the condo building 550 Vanderbilt, plus the "100% affordable" 535 Carlton and 38 Sixth--as well as certain infrastructure. It owns only 5% of the remaining project going forward. The main owner of the project is Greenland USA!
Pacific Park Brooklyn is a mixed-use, multi-building development project in Brooklyn, New York. At full buildout, the 22-acre project will include a mix of 6,430 affordable and market-rate residences, 250,000 square feet of retail and eight acres of accessible open space. Multiple residential building components are under construction. Pacific Park Brooklyn is located near our Atlantic Center and Atlantic Terminal retail and office properties. The project site also includes Barclays Center.First, Brookfield, having recently bought out Forest City Realty Trust/Forest City New York, owns 30% of two
[Update: Brookfield didn't own 30% of the condo building 550 Vanderbilt, as I originally wrote, since most of the units had been sold to condo buyers. The final unit was sold in July 2023, as I reported.]
"Multiple residential building components are under construction"? There's no site activity beyond infrastructure work; no new towers have started since 2015, though at least two, and possibly more, are expected to start next year.
As to the malls, well, Forest City late last year sold them to Madison International Realty, so they are no longer "our Atlantic Center and Atlantic Terminal."
The description also appears on another Brookfield page, which situates the project in "Downtown Brooklyn." For what it's worth, the address of Pacific Park Brooklyn is posited as 550 Vanderbilt Avenue, the condo building, while the rendering shows 535 Carlton Avenue. That just goes to show that there's no definitive address for the project.
"Multiple residential building components are under construction"? There's no site activity beyond infrastructure work; no new towers have started since 2015, though at least two, and possibly more, are expected to start next year.
As to the malls, well, Forest City late last year sold them to Madison International Realty, so they are no longer "our Atlantic Center and Atlantic Terminal."
The description also appears on another Brookfield page, which situates the project in "Downtown Brooklyn." For what it's worth, the address of Pacific Park Brooklyn is posited as 550 Vanderbilt Avenue, the condo building, while the rendering shows 535 Carlton Avenue. That just goes to show that there's no definitive address for the project.
Comments
Post a Comment