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.
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