I was taking a stroll along the Greenpoint Landing Waterfront and noticed construction and new fencing up at 77 Commercial Street. At first, it seemed like another part of the Greenpoint Landing Development. After some digging, though, I learned that this is a separate but similar development called Waterview at Greenpoint.
The development plans date back all the way to 2013. The site has sat relatively empty for at least the last year. No more. The project, consisting of a 40-floor tower, a 30-floor tower, and a 7-story podium, is under construction. This is just to the east of Greenpoint Landing and along the Newtown Creek inlet across from Hunter's Point.
The project secured financing last spring, according to
this article:
Quote:
SL Green Realty has agreed to lend $400 million for a luxury apartment project planned in the Greenpoint section of Brooklyn.
The REIT will initially originate a $70 million land loan on the waterfront site, along Commercial Street near Manhattan Avenue. Clipper Equity will use the proceeds to help buy out its partner, Chetrit Group. The remaining $330 million will fund the construction of a three-building complex with almost 800 apartments.
New York-based SL Green is expected to retain a junior portion of the debt package and syndicate the rest, most likely to banks and insurers.
Clipper, which is led by David Bistricer, tapped Iron Hound Management to line up the debt. An Iron Hound executive declined to comment.
A 95,000-square-foot warehouse is currently on the site, which Clipper and Chetrit, both of New York, acquired in 2012 for $25 million. The project, at 77, 85 and 87 Commercial Street, will include a 300-space underground garage. One-fifth of the units will be set aside as affordable housing.
The property, dubbed Waterview at Greenpoint, faces Newtown Creek. Nearby is Greenpoint Landing, a residential development by Brookfield Properties and Park Tower Group of New York that ultimately will encompass 5,500 units.
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Source: Ray Builders