Greenpoint Landing’s buildout is getting another jolt forward.
The Domain Companies and LMXD are teaming up with master developer Park Tower Group for the megaproject’s next phase, Commercial Observer reported. The joint venture will add more than 1,000 apartments, 20,000 square feet of retail and a public park to the 22-acre East River site, which has been reshaping the Brooklyn waterfront since its 2005 rezoning.
Three buildings — at 21 and 37 Freeman Street and 209 West Street — are set to break ground next summer, where the developers will deliver 300 affordable units alongside market-rate rentals.
Bank OZK is providing an $81 million senior land loan and InterVest Capital Partners is kicking in $33 million in mezzanine financing. JLL Capital Markets’ Christopher Peck and Nicco Lupo arranged the debt.
InterVest also structured an equity package covering acquisition and predevelopment costs.
Park Tower has already delivered roughly 3,000 units across nine parcels at Greenpoint Landing, with another 2,500 in the pipeline. Field Operations is designing the project’s five acres of public open space, while Handel Architects is handling the new towers’ designs — a 40-story, 503-unit high-rise; a 30-story, 298-unit building; and a nine-story, 224-unit property.
Domain isn’t new to the neighborhood, having developed Eleven33 at 1133 Manhattan Avenue in 2014, one of the first large-scale mixed-use projects in Northern Greenpoint. More recently, it partnered with LMXD on Jasper, a 499-unit building in Hunters Point with 30,000 square feet of retail.
LMXD’s parent company and Park Tower previously partnered to develop 300 affordable units at Greenpoint Landing between 2014 and 2017.
The retail component of the latest phase of Greenpoint Landing is already taking shape; brokerage Igloo is slated to lease the 20,000-square-foot space, aiming to curate a tenant mix that fits the growing residential community. The site’s momentum is further boosted by neighborhood amenities — from cafes to grocery stores — and a planned elementary school nearby.
The New York Liberty also recently announced an $80 million, 75,000-square-foot practice facility in Greenpoint, slated to open in 2027, underscoring the area’s pull for high-profile investment.
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