Brookfield lands $500M for next Greenpoint Landing development

Blackstone Mortgage Trust lends on two-tower, 745-unit project

New York /
Aug.August 03, 2021 03:20 PM
Rendering of 227 West Street with Brookfield's Brian Kingston and Blackstone's Katie Keenan (OMA, Brookfield, Blackstone)

Rendering of 227 West Street with Brookfield’s Brian Kingston and Blackstone’s Katie Keenan (OMA, Brookfield, Blackstone)

Brookfield Property Partners has landed $500 million in construction financing for its fourth market-rate development at the massive Greenpoint Landing project.

Blackstone Mortgage Trust provided $400 million in the form of a senior mortgage for 227 West Street — a pair of 30- and 40-story towers that will have a combined 745 rental apartments when completed, property records filed with the city Tuesday show.

The financing package also includes a $100 million mezzanine loan from Blackstone, a source told The Real Deal.

The cantilevered, puzzle-piece-like buildings are currently under construction, according to a recent update from New York YIMBY, which estimated the project will be completed in the first half of next year.

A spokesperson for Brookfield, which is co-developing Greenpoint Landing with Park Tower Group, declined to comment. And a representative for Blackstone Mortgage Trust could not immediately be reached.

The development at 227 West Street will set aside 30 percent of its units as income-restricted apartments under the Affordable Housing New York program. When completed, Greenpoint Landing will include more than 5,000 apartments.

Brookfield and Park Tower Group have already completed the megaproject’s first two buildings — One and Two Blue Slip — and are finishing up work at the third, 1 Bell Slip.





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