Park Tower Group announced today the closing of a joint-venture partnership with Rockefeller Group to develop a 40-story rental tower within its master planned Brooklyn development, Greenpoint Landing.
This is the first partnership between the two New York City-based developers. Construction at 16 Dupont Street is expected to commence in May 2022, with an estimated completion in the first quarter of 2025.
16 Dupont Street will stand 40 stories tall and will offer approximately 380 residences, including 114 units of affordable housing as part of the Affordable New York Housing Program. Ground floor retail will be featured along the soon-to-be newly opened portion of West Street. Overlooking the newly constructed 2.5-acre Newtown Barge Park, with direct access to the network of waterfront open space, 16 Dupont Street will also feature dramatic Manhattan and Brooklyn skyline views.
“We are thrilled to be partnering with Rockefeller Group in the next development within Greenpoint Landing, as we continue to develop the overall site and build out more needed housing,” said Marian Klein, President of Park Tower Group.
Meg Brod, Senior Managing Director for Rockefeller Group, added, “16 Dupont Street at Greenpoint Landing, and the opportunity to partner with Park Tower Group, is exactly the kind of project we get excited about. A signature tower in a great location surrounded by parks and amenities that enrich the day-to-day experience of life in New York City.”
Park Tower Group is the master developer for the 22-acre Greenpoint Landing site, situated along a half-mile of East River waterfront in the northern-most section of Greenpoint. Featuring unobstructed views of the Manhattan skyline, it is located within one of the most dynamic neighborhoods in New York City and, when complete, will include an estimated 5,500 residential units, of which approximately 1,400 will be affordable. Greenpoint Landing will feature over four acres of dedicated open space designed by James Corner Field Operations, including a waterfront esplanade, Great Lawn and a reconstructed public pier.
In addition to this announced joint venture with Rockefeller Group, the first residential units to open in Greenpoint Landing were 300 affordable apartments completed in a joint venture between Park Tower Group and L&M Development Partners across three buildings.
In a subsequent joint venture, Park Tower Group and Brookfield Properties are developing a total of 2,000 units across four development sites within Greenpoint Landing, of which 780 units are completed.
In June of 2021, Greenpoint Landing closed with HPD and HDC on the construction financing of 35 Commercial Street to develop a 22-story, 374-unit, fully affordable residential building. Under the ELLA program, the building will create much-needed units of lower-tier AMI affordable housing , ranging from formerly homeless to families earning up to 110% of AMI.
Greenpoint Landing, a 22-acre site situated along a half-mile of East River waterfront in the northern-most section of Greenpoint, Brooklyn is being developed by Park Tower Group. In 2005, the City of New York designated the site for residential and retail under the Greenpoint-Williamsburg rezoning. In its entirety, Greenpoint Landing will include an estimated 5,500 residential units, approximately 1,400 of which will be affordable, as well as four acres of public open space, including a waterfront esplanade and a public pier.