The Real Deal New York

Domain Companies will build Greenpoint rental with affordable housing

December 26, 2012 05:30PM

Matthew Schwartz, Domain principal, and 1133 Manhattan Avenue

Greenpoint, Brooklyn is slated to get a new 210-unit rental building. The project will be located at 1133 Manhattan Avenue on the neighborhood’s waterfront and will break ground in January, Crain’s reported.

The Domain Companies today announced that it has secured $57 million in financing for the project, half of which will go for market rate, 30 percent of which will be reserved for middle-income tenants and 20 percent of which will be affordable housing. Domain acquired the land in a 99-year ground lease for about $13 million in 2010, Crain’s said.

With affordable housing in the mix, Domain will get a zoning variance to build 20 percent higher than the existing maximum height.

The property will tap state income tax credits and low-cost debt, which are set aside for properties including affordable housing components and cleaning up polluted land. The site sits near the Newtown Creek, a Superfund site. Domain will excavate and remove contaminated soil at the plot. [Crain's]Zachary Kussin

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