Brookfield Properties announced that it will co-develop, in a joint venture with Park Tower Group, two new rental development sites at Greenpoint Landing.
The buildings will bring approximately 1,240 new units to the Greenpoint waterfront, 30 percent of which will be affordable.
In total, Brookfield and Park Tower Group are now developing more than 2,000 units across four sites on the Greenpoint waterfront.
In 2015, Brookfield and Park Tower Group announced a partnership to build their first two rentals at Greenpoint Landing, totaling 800 units, with the first building expected to begin leasing by the end of this summer.
“Brookfield is excited to partner with Park Tower Group to help realize its vision for Greenpoint Landing, bringing new housing, a school, local retail, and waterfront open space to Greenpoint. In the coming months, we’ll open our first building being built with Park Tower at the waterfront site, and we look forward to our continued work together on this transformative project,” said Ric Clark, Senior Managing Partner and Chairman, Brookfield Property Group and Brookfield Property Partners.
“We are proud to continue our joint venture partnership with Brookfield in developing two new sites at Greenpoint Landing, bringing housing – including much-needed affordable housing – and waterfront access to the neighborhood. With the first phase of our world-class open space opening this summer, we look forward to welcoming the community to the waterfront for the first time in generations,” said Marian Klein, President of Park Tower Group.
Greenpoint Landing is a 22-acre site situated along a half-mile of East River waterfront, being developed by Park Tower Group.
In 2005, the City of New York designated the site for residential use under the Greenpoint-Williamsburg rezoning.
In its entirety, Greenpoint Landing will include an estimated 5,500 residential units – 1,400 of which are affordable housing – as well as a new pre-k through 8th grade public school and four acres of resilient public green space along the waterfront, designed by James Corner Field Operations.
In addition to the 800 units currently being built in a joint venture between Brookfield and Park Tower Group, an additional 300 units of affordable housing have already been completed in a joint venture between Park Tower Group and L&M Development Partners.
Handel Architects is responsible for the design of both the affordable buildings as well as the first two towers.
In a few months, the first section of the waterfront esplanade will open for the community to enjoy.
The first of the two new rental developments announced this week is expected to begin construction in 2019. The total cost for the two development sites is $1 billion, and will include an extension of the waterfront esplanade.