$1 Billion development site at Greenpoint Landing to start construction in 2019

June 1, 2018 By Gordon Walker Special to the Brooklyn Daily Eagle

This is 33 Eagle St., which is part of the Greenpoint Landing mega-development, as seen in 2016. Eagle file photo by Lore Croghan

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Two new rental development sites are expected to start construction on schedule in 2019. Greenpoint Landing, a rapidly emerging area on the Brooklyn waterfront, is a 22-acre site located along the East River in Brooklyn. The site will house two more buildings thanks to Brookfield Properties and Park Tower Group, who will develop a total of 1,240 rental units, a third of which will be available for subsidized housing. The overall cost of the development of these sites is valued at around $1 billion, according to GlobeSt.com.

The two companies are already developing more than 2,000 units across four sites on the Greenpoint waterfront. In 2015 they started working on two rental sites housing 800 units at Greenpoint Landing, which are expected to start leasing this summer. Once Greenpoint Landing is complete it will offer 5,500 rental properties, 1,400 of which will be below market rate housing. The landing will also house a pre-K through eighth grade public school, four acres of public green space and in a few months, an expanded waterfront esplanade will open to the public.