Domain Companies, LMXD Form JV With Park Tower for Greenpoint Landing’s Next Phase

Kermit the Frog once sang, “It’s not easy being green.” But one Brooklyn waterfront development is here to prove the amphibian wrong (sorry, Kermy). 

The next phase of Brooklyn’s Greenpoint Landing is officially off to the races, with a new joint venture agreement signed and financing now in place, Commercial Observer can first report. 

The Domain Companies and LMXD have formed a joint venture with Greenpoint Landing master developer Park Tower Group to build more than 1,000 new apartments, 20,000 square feet of retail and a new public park as a continuation of the 22-acre site’s ongoing development. 

The three residential towers at 21 Freeman Street, 37 Freeman Street and 209 West Street are due to rise next summer and will include 300 affordable apartments. 

Bank OZK provided an $81 million senior land loan, while InterVest Capital Partners provided $33 million in mezzanine financing as part of the transaction. JLL Capital Markets’ Christopher Peck and Nicco Lupo negotiated the financing. 

InterVest also provided Domain and LMXD with a “structured equity solution” for the developer’s acquisition and pre-development costs, but further details on that solution couldn’t be gleaned. 

Located on the East River waterfront and stretching roughly a half-mile in length, Greenpoint Landing’s sizable footprint was reserved for residential use as part of the Greenpoint-Williamsburg rezoning in 2005, which touched 175 blocks in total. 

Since then, approximately 3,000 apartments have been developed on nine parcels within Greenpoint Landing, with a further 2,500 residential units still en route. Field Operations is designing the project’s public open spaces, which will amount to five acres when completed. 

In March, Park Tower Group filed plans for the buildings that the new JV is now developing, which are being designed by Handel Architects. The building at 21 Freeman Street will rise 40 stories with 503 units; 37 Freeman Street will comprise 298 units across 30 stories; and 209 West Street will be a nine-story building with 224 units, according to the plans at the time.

No stranger to the neighborhood, The Domain Companies is also behind Greenpoint’s Eleven33 at 1133 Manhattan Avenue — a 210-unit property with market-rate, middle-income and affordable units that also includes 10,000 square feet of retail space. 

“Having developed 1133 Manhattan Avenue, the first large-scale mixed-use project in Northern Greenpoint, in 2014, Domain has been active in the neighborhood for more than a decade and seen how both the community and its needs have transformed over time,” Matt Schwartz, co-CEO of The Domain Companies, said in a statement. “At Greenpoint Landing, we will not only create high-quality, mixed-income housing in one of NYC’s most dynamic neighborhoods, but will also deliver the community amenities the area needs, with expansive opportunities for retail and a new extension of the waterfront public park.”

Domain and LMXD also partnered on Jasper, a 499-unit development in nearby Hunter’s Point in Queens. The property includes 30,000 square feet of fully leased ground-floor retail, with play center KidStrong and children’s clothing store Peanut and Honey in the tenant mix. Further, L+M Development Partners also formed a JV with Park Tower Group to develop 300 affordable apartments between 2014 and 2017 at Greenpoint Landing. 

“We are excited to partner once again with Domain and Park Tower to transform this incredible waterfront site,” David Dishy, chief executive officer of LMXD, said in a release. “Having built the first affordable buildings of Greenpoint Landing with Park Tower Group more than a decade ago, it is especially rewarding to see how inviting and vibrant this whole waterfront community has become and to see it emerge as one of the city’s most sought-after neighborhoods.”

“We are thrilled to enter into a joint venture partnership with Domain and LMXD on the next phase of Greenpoint Landing. Both firms have deep ties to this area, and we look forward to bringing more housing — including much-needed affordable housing — and waterfront access to the neighborhood,” said Marian Klein, Park Tower’s president.

The next phase’s retail component may be a wee bit chilly as 20,000 square feet of it will be leased by retail-focused brokerage Igloo. 

The brokerage — whose work includes The Jasper — prioritizes finding the best retail mix to fit the needs of the people living in the host building, according to Igloo principal Adam Joly. Its lease only adds to the hub of activity already buzzing in Greenpoint Landing. That includes several restaurants, grocery stores, shops and cafes in place for residents, and a new elementary school in the works at 257 Franklin Street.

It’s all happening in Greenpoint, as Women’s National Basketball Association champion New York Liberty also recently announced plans to build an $80 million, 75,000-square-foot practice facility there. The facility is expected to open in 2027 and underscores the team’s commitment to “developing groundbreaking investments throughout Brooklyn, and enabling community opportunities,” according to a release. 

Bank OZK and InterVest weren’t immediately available for comment.

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.