- Joins partnership for two buildings with 780 rental units
- Construction at Greenpoint Landing site to start next year
Brookfield Property Partners LP has formed a joint venture to build two apartment towers on the Brooklyn waterfront, the company’s first project in New York outside of Manhattan.
Brookfield, in partnership with New York-based Park Tower Group, will build about 780 rental units in the Greenpoint neighborhood, according to a statement Tuesday. The buildings are part of the first phase of Greenpoint Landing, a 22-acre (8.9-hectare) site along the East River that’s slated to get 5,500 residential units.
Construction is expected to start in the first half of 2016 and be completed in 2019, Brookfield said. The first tower will be 30 stories high and have 365 units. The second will have 40 stories with 415 units. Total project costs are estimated at $600 million.
“It is compelling to be part of a large development in a vibrant community that will provide housing choices for many New Yorkers,” Ric Clark, chief executive officer of New York-based Brookfield, said in the statement.
The Greenpoint Landing site was designated for residential use under a 2005 city rezoning of the Greenpoint and Williamsburg neighborhoods. When completed, the development will include a waterfront esplanade, public parks and a reconstructed public pier, according to Brookfield.