Brookfield launches $1B Opportunity Zone fund; eyes Brooklyn, the Bronx

The company plans to invest in 6 Opportunity Zones, including residential developments in Bronx and Brooklyn
May 30, 2019 12:30PM

Brookfield CEO Bruce Flatt with an aerial of the Bronx (left) and Brooklyn (right)

Brookfield CEO Bruce Flatt with an aerial of the Bronx (left) and Brooklyn (right) (Credit: Pixabay and Wikipedia Commons)

Brookfield Asset Management is seeking to raise $1 billion for an Opportunity Zone fund, and has targeted residential developments in Brooklyn and the Bronx.

The Brookfield Opportunity Zone fund is already eyeing six designated zones, according to Bloomberg. The fund plans to invest in residential developments in the Bronx and in Brooklyn, including Greenpoint Landing, a 22-acre site.

Brookfield announced its intention to launch an Opportunity Zone fund in April, adding to the list of real estate firms hoping to benefit from the federal tax incentive program that developers and investors has been pouring into. Interest has grown so strong that law firms are now forming working groups of experts to answer questions from clients.

Silverstein Properties and Cantor Fitzgerald aim to raise $2 billion for their Opportunity Zone fund, while Anthony Scaramucci’s SkyBridge Capital and Westport Capital Partners is shooting for $3 billion for their own fund. [Bloomberg] — Georgia Kromrei