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Rockefeller, Park Tower land $200M to build at Greenpoint Landing
11-building development will include 5,500 apartments
Rockefeller Group and Park Tower Group have secured a $200 million construction loan to build a 40-story residential tower at 16 Dupont Street as part of the Greenpoint Landing development.
Japan-based Sumitomo Mitsui Trust Bank took over financing on the project with a $230 million agreement that retires $30 million originated by Signature Bank, records show.
The tower will have 378 residential units, and 2,700-square-feet of retail space. A portion of units will be set aside as affordable per the city’s now-expired Affordable New York Housing program, said Park Tower president Marian Klein. GKV Architects is listed as the architect of record for the 470,000-square-foot building, according to the Department of Buildings.
Excavation of the building’s foundation is underway, New York YIMBY reported. Park Tower bought development rights for the site last summer for $23 million, and Rockefeller joined the project in December 2021. Rockefeller Group did not immediately return a request for comment.
The 22-acre Greenpoint Landing development will deliver 5,500 units to the Brooklyn neighborhood, near where the East River meets Newton Creek. ANd 1,400 will be permanently affordable across 11 building sites.
Park Tower is working on four other Greenpoint Landing developments with Brookfield Property Partners, which last year secured $500 million for a pair of residential towers with 745 units at 227 West Street. Brookfield has already completed three buildings at the megaproject: One and Two Blue Slip, and 1 Bell Slip where market-rate one-bedrooms list from $3,100 to $5,400.
L+M Development Partners is spearheading the megaproject’s three affordable housing buildings, located at 5 Blue Slip, 21 Commercial Street and 33 Eagle Street.