Domain Companies will build Greenpoint rental with affordable housing

TRD New York /
Dec.December 26, 2012 05:30 PM

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

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

New York Community Bank CEO and president Joseph Ficalora (Credit: Facebook, iStock)

New York Community Bank doubles down on multifamily lending

Gary Barnett and an aerial view of 2551 Broadway (Credit: Google Maps)

Extell proposes UWS mixed-use tower after completing assemblage

Leslie Wexner (Credit: Getty Images)

Facing store closures and falling sales, Victoria’s Secret owner may sell retailer

Billy Macklowe and 120 Fifth Avenue in Brooklyn (Credit: Getty Images and Google Maps)

Billy Macklowe in contract for contested Park Slope site

JPMorgan's Jamie Dimon and 125 West 55th Street (Credit: Getty Images, Google Maps)

JPMorgan looks to sell Plaza District office building for $550M