Domain Companies and LMXD officially bought their way into one of Brooklyn’s biggest waterfront plays. More is emerging about the cost to do so.
The pair, through a limited liability company, paid roughly $122 million for a 76 percent stake in a Greenpoint development site valued at $160 million, PincusCo reported.
The seller was Park Tower Group, which has been steering the 22-acre Greenpoint Landing master plan since the neighborhood’s 2005 rezoning and remains part of the joint venture for the site.
The deal kicks off the next phase of the megaproject, where Domain and LMXD are partnering with Park Tower to deliver more than 1,000 apartments, 20,000 square feet of retail and a park. Three buildings at 21 and 37 Freeman Street and 209 West Street are slated to break ground next summer, bringing 300 affordable units alongside market-rate rentals.
The financing stack for the project includes an $81 million senior land loan from Bank OZK and $33 million in mezzanine debt from InterVest Capital Partners, which also arranged equity to cover acquisition and predevelopment costs.
Park Tower has already built about 3,000 units across nine parcels at Greenpoint Landing; another 2,500 units are in the pipeline. Handel Architects is designing the latest buildings, including a 40-story, 503-unit high-rise, a 30-story, 298-unit building and a nine-story, 224-unit property.
Field Operations is designing five acres of open space across the site.
For Domain, Greenpoint is familiar ground. The firm built Eleven33 on Manhattan Avenue in 2014, one of the first large-scale mixed-use projects in northern Greenpoint. Its recent work with LMXD includes Jasper, a 499-unit Hunters Point rental with 30,000 square feet of retail.
Park Tower and LMXD’s parent company previously partnered on 300 affordable units at Greenpoint Landing between 2014 and 2017.
The retail component of this phase is already in motion. Brokerage Igloo is looking to fill the 20,000-square-foot space. The team is angling for a tenant mix that fits Greenpoint’s increasingly upscale residential base, which now includes a slate of cafes, grocery stores and a planned elementary school.
Read more
Park Tower Group plans three more buildings at Greenpoint Landing
Domain, LMXD join Park Tower for Greenpoint Landing’s next phase
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