Greenland, Brookfield in contract to buy P.C. Richard site at Pacific Park, following years of litigation

590 Atlantic Avenue (Credit: Google)

UPDATED: Greenland USA and its partner Brookfield Properties, through the entity Pacific Park Site 5 Developer LLC signed a contract to pay an undisclosed amount to P.C. Richard & Son through the entity A.J. Richard & Son, Inc. for the development site at 15 4th Avenue also known as 590 Atlantic Avenue or “Site 5,” in Park Slope, Brooklyn.
The memorandum of contract was signed on September 17, 2021 and was recorded on October 8, 2021.
The property is part of the Pacific Park development project, and has had several plans considered for it, including as an Amazon building. In 2006 a proposal for 440,000 square foot tower was approved, but in 2016 concepts for one or two towers with more than 1 million square feet were proposed.
The signatory for P.C. Richard & Son was Cathyann Winter. The signatory for Greenland USA was Gang Hu.

This contract of sale indicates closure to a long-running legal battle between P.C Richard & Son and the developers of Pacific Park which was previously known as Atlantic Yards. The dispute has been covered extensively in the blog Atlantic Yards Report.

Atlantic Yards Report, compiled by journalist Norman Oder, reported on October 1 that there had been a thaw signaled in court papers, that disclosed that a stay on the condemnation of the P.C. Richard site had been lifted.

P.C. Richard & Son has operated its flagship Brooklyn store at 590 Atlantic Avenue since 1997. Forest City sought to use eminent domain to obtain the parcel and the sides battled over the terms, timing and location of a replacement property. P.C. Richard filed a suit in 2015 to force specific performance of a 2006 letter of intent in which the parties agreed that the retailer would get a replacement property as a part of the taking of the property for Site 5.

Within a 400-foot radius of 15 4th Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on October 1, 2021 for a 79,715-square-foot R-2 building with 104 residential units at 375 Dean Street.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on March 1, 2021 for the $310,625.0 renovation of 1,837-square-foot M building with two residential units at 602 Pacific Street.
One of those three items was a loan which Joseph Brunner borrowed $45.0 million from Bank Leumi secured by the 24,960-square-foot, one-unit office building (O7) on 35 4th Avenue on July 26, 2021.

UPDATED October 11, 2021, 9:40 a.m.: With reference to Atlantic Yards Report post on the lifting of the stay on the condemnation.

Direct link to Acris document. link

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