Goldman Sachs reportedly buying Brooklyn Bridge Park building for $90M
The landing was developed to help finance the park
Goldman Sachs’s real estate fund is reportedly in contract to buy The Landing, a 15-story rental building developed several years ago as part of Brooklyn Bridge Park, for $90 million.
The famed investment firm is slated to buy the 140-unit building from RAL Companies and China Vanke, according to The Real Deal.
Seventy percent of the building’s apartments, as opposed to 30 percent, are affordable, according to the real estate publication. However, it benefits from a 35-year tax break under a PILOT tax abatement program.
A team from Cushman & Wakefield brokered the sale of the building, whose address is 15 Bridge Park Drive, The Real Deal added.
The building, which is at the Atlantic Avenue-Pier 6 end of the park, was one of several that were developed in order to help finance the park.
According to an article published in the Brooklyn Eagle in 2018, it is the shorter of two residential buildings at Pier 6, the other being the 28-story Quay Building.
The 100 out of 140 units that are affordable were slated to be filled by a lottery, while the remaining 40 were market-rate units that started at $3,100 per month.
The Eagle also reported that “local groups tried to prevent their construction for several years, but in February, a judge ruled that the towers could be built in the green space.”
In 2020, Goldman Sachs paid $100 million to buy another Brooklyn apartment building — the 19-story One Flatbush Avenue in the Downtown area, The Real Deal reported.
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