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Brookfield, Park Tower to spend $1B on development of 2 rental towers in NY

The joint venture between Brookfield Property Partners LP and Park Tower Group Ltd. is developing two additional rental towers at Greenpoint Landing in Brooklyn, N.Y., with a total investment of about $1 billion, The Real Deal reported, citing Brookfield Chairman Ric Clark.

Plans for the new towers call for the addition of 1,240 units at the Greenpoint waterfront, one-third of which will be earmarked for affordable housing. Construction on the towers is slated to commence in 2019.

The 22-acre Greenpoint Landing project is under development by Park Tower. Upon completion, the site will house as many as 5,500 units, including 1,400 affordable housing units.

A school, retail space and a waterfront esplanade will be also be built on the property.

So far, the partnership has wrapped up construction on two rental towers, with $600 million estimated in project costs. Leasing for a 30-story, 365-unit building and a 40-story, 415-unit tower is expected to start at the close of summer, the May 24 report noted.

The joint venture obtained $137 million in funding for a 30-story, 373-unit building at the development in November 2017. At the time, the project was expected to comprise 11 buildings.