Palin Enterprises lines up partner for stalled Greenpoint site

Mack Real Estate Group will help develop $435M project on West Street

145 West Street, Brooklyn
145 West Street, Brooklyn

The long-stalled development of a Greenpoint waterfront site appears to be back on track.

Palin Enterprises and Mack Real Estate Group have entered into a joint venture to build the 800,000-square-foot project at 145 West Street in Brooklyn. The $435 million development will be a 39-story tower, which will include more than 600 residential units and 23,000 square feet of retail space.

Twenty percent of the units will be below market rate.

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Palin bought the property — a lot that also includes an industrial building — in 2006 for $84.57 million.

Other large developments in the area include Greenpoint Landing — which will add 5,500 housing units to the neighborhood over the coming decade — and 77 Commercial Street, which will house 720 apartments. This fall, a mixed-use development with 210 apartments and 8,000 square feet of retail is expected to open at 1133 Manhattan Avenue. [WSJ] — Claire Moses