As the Greenpoint Landing development continues to take shape, Park Tower Group is set to receive a helping hand on the residential tower slated for 16 Dupont Street.
Park Tower has entered into a joint venture with Rockefeller Group to develop the multifamily property at the site in Greenpoint, Brooklyn, the Commercial Observer reported. Terms of the deal and equity split were not immediately disclosed.
In August, Park Tower picked up more than 224,000 square feet of development rights at the site from New York City for $22.9 million.
According to the Observer, 114 units in the 40-story building are to be affordable housing. There will reportedly be ground-level retail space in the building, which marks one of 11 in the Greenpoint Landing project that will deliver approximately 5,500 units to the area.
Construction on the waterfront project is set to begin in May, according to the Observer.
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Park Tower has already teamed with Brookfield Properties on four of the Greenpoint Landing developments. Of those, two have been completed and one is nearing completion. The fourth, at 227 West Street, is in an earlier stage of development.
Brookfield Property Partners in August landed $500 million in construction financing for the project. Blackstone Mortgage Trust provided $400 million in a senior mortgage along with a $100 million mezzanine loan. When completed, the pair of 30- and 40-story towers will have a combined 745 rental apartments, with 30 percent set aside as income-restricted.
[CO] — Holden Walter-Warner