Brookfield, Park Tower developing two more towers at Greenpoint Landing

The developers are delivering 1,240 rentals at the site

TRD New York /
May.May 24, 2018 05:00 PM

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.

Related Articles

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report