The Real Deal New York

After receiving $20 million in bailout funds in September 2009, the formerly-stalled City Point project has received preliminary approval this week from the New York City Public Design Commission. The Downtown Brooklyn development expects to receive final approval next month, according to a spokesperson for the development team, which includes Acadia Realty Trust, P/A Associates and MacFarlane Partners. If all goes as planned, the developers of the project, which will include retail space and affordable housing, say that they could begin work in the first quarter of 2010.