Real estate developer Brookfield Property Partners announced today that it will partner with Park Tower Group to build two high-rise rental properties along the East River in Greenpoint. One building will be 30 stories, and the other will be 40 stories.
The Park Tower Group's Greenpoint Landing project was announced over the summer—in total, it's a 10 building complex covering 22 acres with 5,500 housing units. Of the 5,500 units, 1,400 will be "affordable" housing, or 25.45% of the total number of units.
According to Brookfield, "Construction is expected to commence 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." The company's CEO Ric Clark said, "It is compelling to be part of a large development in a vibrant community that will provide housing choices for many New Yorkers."
As for the other buildings, 21 Commercial Street is expected to be completed in the summer of 2016; 5 Blue Slip is due to be finished in summer of 2017; and 33 Eagle Street as a completion date of December 2016. At 21 Commercial Street and 5 Blue Slip, the affordable housing units will be open to families earning 30 to 60 percent of the area median income [AMI]; 33 Eagle Street's affordable housing units will be for families earning 30 to 120 percent of the area median income. (The AMI for NYC in 2015 is $86,300 for a family of four.)
The lack of park space that was promised when the Greenpoint and Williamsburg waterfront was rezoned for residential development during the Bloomberg administration has been a source of great contention among local residents. Greenpoint Landing developers say the project will bring "four acres of dedicated open space; including a waterfront esplanade, public parks, a Great Lawn and a reconstructed public pier."