NEW YORK CITY—Brookfield Property Partners plans to co-develop two high-rise rental buildings in the Greenpoint section of Brooklyn in a joint venture with Park Tower Group. The towers are part of the first phase of Greenpoint Landing, an approximately 5,500 unit residential project—which includes 1,400 affordable units—on the Brooklyn waterfront.
Greenpoint Landing is a 22-acre site situated along a half-mile of East River waterfront. When completed, the complex will include four acres of dedicated open space; including a waterfront esplanade, public parks, a Great Lawn and a reconstructed public pier.
Construction is expected to start in the first half of 2016 with an estimated completion in 2019. The first tower is 30 stories with 365 units; the second is 40 stories with 415 units. Total project costs are estimated to be $600 million.
“This is an important addition to our growing multi-family platform,” says Ric Clark, CEO of Brookfield Property Group. “It is compelling to be part of a large development in a vibrant community that will provide housing choices for many New Yorkers.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
