Developer revives plans for Greenpoint monster project

November 02, 2011 01:03PM

Park Tower Group, one of the first New York developers to see potential in the Brooklyn waterfront, is brushing off plans for 10 luxury apartment buildings with 4,000 units on a 20-acre plot of land at the old Greenpoint Lumber Exchange, which it purchased almost a decade ago, the New York Observer reported. At least one of the towers should break ground at the site, which is currently used for construction storage and movie lots, by 2012.

Park Tower, which is headed up by developer George Klein, had delayed the project during the recession and recently shifted its focus at the site to rentals from condominiums to more easily find financing. It hopes to secure construction loans in the coming months. Architect Gary Handel, who designed Trump Soho and the 9/11 Memorial, is working on the towers.

“The project has been there a long time, but now the market is finally there,” a source told the Observer. [NYO]