Brookfield Property Partners announced that it will co-develop, in a joint venture, with Park Tower Group, two high-rise rental buildings in a master-planned community in Greenpoint, Brooklyn. These buildings are part of the first phase of an approximately 5,500 unit residential project (1,400 of which are affordable) on the Brooklyn waterfront, known as Greenpoint Landing.
Greenpoint Landing is a 22-acre site situated along a half-mile of East River waterfront. Featuring unobstructed views of the Manhattan skyline, it is located within one of the most dynamic neighborhoods in New York City. In 2005, the City of New York designated the site for residential use under the Greenpoint-Williamsburg rezoning. When completed, Greenpoint Landing will include four acres of dedicated open space; including a waterfront esplanade, public parks, a Great Lawn and a reconstructed public pier. The site was master planned by Handel Architects and James Corner Field Operations.
Construction is expected to commence in the first half of 2016 with an estimated completion in 2019. The first tower is 30 stories with 365 units; the second is 40 stories with 415 units. Total project costs are estimated to be $600 million.
“We are excited about this multifamily development opportunity and for this partnership with the Park Tower Group. This is an important addition to our growing multi-family platform,” said Ric Clark, CEO of Brookfield Property Group. “It is compelling to be part of a large development in a vibrant community that will provide housing choices for many New Yorkers.”
“We are proud to be a joint venture partner with Brookfield in developing the first phase of our Greenpoint Landing project and bringing residential opportunities and waterfront access to the community,” said Marian Klein, Senior Vice President of Park Tower Group.