The Real Deal New York

Brookfield, Park Tower developing two more towers at Greenpoint Landing

The developers are delivering 1,240 rentals at the site
By David Jeans | May 24, 2018 05:00PM

Credit: Brookfield Properties

Brookfield Property Partners is bringing two more rental towers to the Greenpoint waterfront, further expanding its footprint on New York.

The Toronto-based firm, in partnership with the Park Tower Group, announced plans on Thursday for two more buildings at Greenpoint Landing with a total of 1,240 units — one-third of which will be set aside as affordable housing. The towers will cost around $1 billion and construction is expected to start in 2019.

Park Tower is currently developing Greenpoint Landing, a 22-acre site that spans a half mile along East River in Brooklyn. Up to 5,500 units are expected to be built on the site, of which 1,400 will be affordable. The area was rezoned for residential use in 2005 by the Bloomberg administration.

Brookfield and Park Tower have already  constructed two rental towers at the development site, and leasing is start by the end of the summer. Those towers — one 30-story, 365-unit building and a larger 40-story, 415-unit structure — were built on Commercial Street with project costs estimated at $600 million.

Ric Clark, Brookfield’s chairman, said along with the towers, the completed Greenpoint Landing will house a school, retail space and a waterfront esplanade.

Brookfield has made a flurry of development announcements in New York recently, including its takeover of an ambitious waterfront site in the Bronx for $165 million and an addition to its Manhattan West development, adjacent to Hudson Yards.

Earlier this month, it was also reported that Brookfield was in talks to buy into Kushner Companies troubled 666 Fifth Avenue.