Mack, Palin Enterprises land $290M construction loan for Greenpoint tower

NYS Housing Finance Agency lends on 640-unit 80/20 project

TRD New York /
July 06, 2016 04:10 PM

UPDATED, July 7, 11:27 a.m.: Mack Real Estate Group and Palin Enterprises landed $290 million in construction financing from the New York State Housing Finance Agency for their 39-story apartment tower on the Greenpoint waterfront, according to property records filed with the city Wednesday.

The developers, which partnered up on the stalled site at 10 Huron Street two years ago, will set aside 20 percent of the project’s 640 units as affordable housing.

A representative for Mack Real Estate Group TRData LogoTINY declined to comment. The 800,000-square-foot project designed by Ismael Leyva Architects – which uses an alternate address of 155 West Street – is already several stories out of the ground.

Palin had paid $84.57 million in 2006 to purchase the property and secured permits for the site during the recession. The partners are also planning a condominium component to the project, which will include 95 units, according to the state Attorney General’s website.

The block-long site sits just south of Greenpoint Landing, where the Park Tower Group plans to construct 10 buildings on a 22-acre campus with 5,500 new apartments, 1,400 of which will be affordable.

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