Brookfield buys into Greenpoint Landing sites in $148M deal

Investment firm paid Park Tower Group $148M

TRD New York /
Jun.June 05, 2018 12:25 PM

Ric Clark and the Greenpoint Landing Plan (Credit: Getty Images and Greenpoint Waterfront Association for Parks and Planning)

UPDATED: Tues., June 5 @ 3:00 p.m.: Brookfield Property Partners bought into two Park Tower Group development sites at Greenpoint Landing, records filed with the city Tuesday show. With Park Tower Group, the joint venture stake in the two sites, one on Commercial Street and the other on West and Eagle Streets, is valued at $148 million.

The sites are the very same where Brookfield announced late last month it would build two new rental projects, in partnership with Park Tower Group. The new buildings, Brookfield said, would hold a total of 1,240 units. Brookfield previously developed two other rentals at Greenpoint Landing with Park Tower Group, including the 373-unit 37 Commercial Street (also known as 37 Blue Slip).

The partners are financing the deal with an $89 million loan from Industrial and Commercial Bank of China, records show.

A spokesperson for Park Tower declined to specify how much ownership Park Tower would retain in the new partnership.

Park Tower is the master developer of Greenpoint Landing, which encompasses 22 acres on the most northern edge of the north Brooklyn neighborhood and is slated to bring 5,500 units of mostly market-rate housing. 1,400 affordable units are also under development in partnership with L+M Development Partners and 300 of those have already opened.

Brookfield, which is headquartered in Toronto, has always been one of the most prominent investors in the New York real estate market. But over the past six months, it’s made some really big development plays, including the purchase of what is slated to be the Bronx’s biggest private development from the Chetrit Group and Somerset Partners.

Correction: This story was updated to reflect that Park Tower Group is retaining ownership in the two development sites mentioned.

Related Article

Brookfield's Ric Clark and an aerial view of the Greenpoint Landing development site (Credit: Google Maps)

Three developers slapped on wrist for de Blasio donations

Two Manhattan West and Brookfield Managing Partner Ben Brown

Brookfield seeks nearly $80M in tax breaks for 2 Manhattan West

Brookfield Property Partners CEO Brian Kingston 

Brookfield is getting into the Opp Zone game

De Blasio solicited campaign funds from Toll Brothers, Park Tower Group in violation of conflicts rules: report

Brookfield lands $217M financing for another Greenpoint Landing resi tower

Qatar is changing its investment strategy following Brookfield’s 666 Fifth deal

REBNY appoints new members to
executive committee

Watch: New York’s most active developers
of 2018