Park Tower Nabs Rockefeller Group as JV Partner at Greenpoint Landing
By Nicholas Rizzi December 13, 2021 3:59 pm
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Park Tower Group has secured Rockefeller Group as a joint venture partner for one tower in its Greenpoint Landing development, Commercial Observer has learned.
The newly formed JV will work on the construction of the next development within the Greenpoint, Brooklyn, waterfront project, 16 Dupont Street, set to start work in May 2022, according to Park Tower. A spokesperson for the JV declined to provide the terms of the deal and the equity split between the firms.
“Greenpoint Landing, and the opportunity to partner with Park Tower Group, is exactly the kind of project we get excited about,” Meg Brod, a senior managing director for Rockefeller Group, said in a statement. “A signature tower in a great location surrounded by parks and amenities that enrich the day-to-day experience of life in New York City.”
The 40-story 16 Dupont will have 380 apartments, with 114 of them set aside as affordable housing, along with ground-level retail space, Park Tower said. It’s one of 11 buildings in the 22-acre Greenpoint Landing that will include nearly 5,500 residential units, a public school and open spaces.
Park Tower is partnering with L+M Development Partners for three buildings in the project and Brookfield Properties for four, including the completed One and Two Blue Slip. In August, Brookfield and Park Tower nailed down $500 million in construction financing for a pair of residential towers at 227 West Street in Greenpoint Landing, The Real Deal reported.
“We are thrilled to be partnering with Rockefeller Group in the next development within Greenpoint Landing, as we continue to develop the overall site and build out more needed housing,” Marian Klein, the president of Park Tower, said in a statement.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
