Brodsky Organization, Greenland, borrow $460M from M&T Bank, Bank of New York for new rental in Pacific Park

Brodsky Organization and Greenland Forest City Partners through the entity 18 Sixth Avenue Owner LLC as borrower signed a loan agreement with lender M&T Bank and Bank of New York through the entity Manufacturers And Traders Trust Company valued at $460.0 million for 2 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at Atlantic Avenue, Atlantic Avenue in Brooklyn. The deal closed on December 19, 2019 and was recorded on January 2, 2020.

The developers plan to build a rental tower with 858 apartments. The last time the property sold was March 22, 2019, for $194,745,462.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 808,695 square feet. Those plans include a total of 858 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link