NEW YORK | 77 Commercial Street | 331 & 429 FT | 30 & 40 FLOORS - Page 2

chris08876 · #21 Posted **Sep 19, 2014, 3:05 PM**

Three New Building Permits Filed for 77 Commercial Street

Quote:

The waterfront megadevelopment at 77 Commercial Street in Greenpoint is kicking into high gear this week with three new building applications for towers at 77, 85 and 87 Commercial Street. CetraRuddy Architecture filed plans for a 30-story, 224-unit building at No. 77 and a 40-story, 296-unit building at No. 87. The two high-rises will reach 306 feet and 402 feet into the air, easily dwarfing everything else near the Greenpoint waterfront.

The final building at No. 85 will be only six stories tall but hold 200 apartments spread across 230,149 square feet. It will also have 300 underground parking spots, 360 bike storage spaces, MTA offices and parking, ground-floor retail and the development’s leasing office, according to Schedule A filings. Developer Chetrit Group has promised to set aside 200 units of affordable housing and work with the city to create Box Street Park.

Meanwhile, site work began last month at the Greenpoint Landing, which is next door on Commercial Street and will eventually include 10 towers, four acres of park land and a K through 8 school.

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09/18/14
http://www.brownstoner.com/blog/2014...-frontpage-top

sparkling · #22 Posted **May 15, 2015, 3:48 PM**

Chetrit, Clipper Take NYCB Land Loan

GUELDA VOIEN
5/15/ 2015

Quote:

A partnership of The Chetrit Group and Clipper Equity took a $27.5 million bridge loan, backed by the land at 77 Commercial Street in Brooklyn’s Greenpoint neighborhood, Commercial Observer has learned.

As Commercial Observer has reported, the pair plans to develop a 720-unit, two-tower residential complex at the address. The land looks over Newton Creek—some of the last undeveloped waterfront land in the nation’s trendiest borough.

The City Council approved the plan last year, according to reports.

The two-year loan, with an interest rate over U.S. prime, was provided by New York Community Bank, a source close to the deal said on the condition of anonymity. The fixed-rate loan features all interest-only payments. The loan will be used to acquire air rights, the source said.

Meridian Capital Group negotiated the loan, a spokesman for the brokerage confirmed. Meridian Executive Vice President Aaron Birnbaum and Vice President Tal Savariego handled the deal, the representative said.

“The borrower acquired the waterfront site in 2012 and recently finalized a development agreement to acquire additional air rights from New York City Housing Preservation and Development,” said Mr. Savariego via the spokesman. “Meridian arranged a competitive balance sheet land loan to provide the borrower funds for the air rights purchase and additional time to finalize plans and arrange construction financing for the project.”

ILNY · #23 Posted **Jun 30, 2017, 3:55 AM**

Under construction.

streetscaper · #24 Posted **Aug 20, 2017, 1:38 AM**

from today, by me

Arkali106 · #25 Posted **Aug 22, 2017, 4:48 PM**

The under construction photos are of Greenpoint Landing G1, not 77 Commercial Street.

chris08876 · #26 Posted **Apr 5, 2019, 3:36 PM**

Clipper Equities buys out Chetrit at 720-unit Greenpoint project

Quote:

David Bistricer’s Clipper Equities has bought out the Chetrit Group at their massive Greenpoint project on Commercial Street, according to the developer.

Bistricer declined to discuss the financial terms of the buyout and described the move as “strategic planning stuff” between him and Chetrit. He said they still have other partners on the site, and Chetrit’s departure has not changed their plans for the project.

“We’re going full speed ahead on what we’re doing,” he said.

Chetrit declined to comment.

The project at 77 Commercial Street will include 720 units across three buildings, and the developers have pledged to make 200 of the units affordable. It was permitted in the spring of 2015—a time when developers were extremely worried about losing the 421a tax exemption, which allows them to pay lower taxes for 20 years if they invest in affordable housing—but has not seen much progress since then.

Over the last year, the Chetrit Group has sold its stakes in other developments across the city. The Real Deal reported last August that the firm was bought out by partner Michael Stern’s JDS Development Group at 9 Dekalb Avenue, for nearly $60 million. Up in the Bronx, Chetrit and Keith Rubenstein’s Somerset Partners sold their massive Mott Haven development sites to Brookfield Property Partners for $165 million.

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