Early rendering of the proposed development
The site, located at 77 Commercial Street on the Greenpoint waterfront, will be a transformative project for the neighborhood totaling nearly 720 residential units and 750,000 square feet once completed.
“The borrower acquired the waterfront site in 2012 and recently finalized a development agreement to acquire additional air rights from New York City Housing Preservation and Development,” said Savariego. “Meridian arranged a competitive balance sheet land loan to provide the borrower funds for the air rights purchase and additional time to finalize plans and arrange construction financing for the project,” he added.
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Early renderings by architects CetraRuddy Architecture show buildings will be 30 stories, six stories, and 40 stories.
