Brookfield Property Partners LP paid $148 million to purchase stakes in two development sites at Greenpoint Landing in Brooklyn, N.Y., from Park Tower Group Ltd., The Real Deal reported, citing records filed with the city.
According to the report, Brookfield plans to build two new rental projects with Park Tower Group. The properties are on Commercial Street and West and Eagle streets and will have 1,240 units, the publication reported.
The partners are bankrolling the deal with an $89 million loan from Industrial & Commercial Bank of China Ltd., the publication noted.
A Park Tower representative did not identify how much of an interest Park Tower would retain in the new partnership, the publication added.
