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Brookfield Property Partners is venturing out to Brooklyn. The office landlord juggernaut is buying a majority stake in two planned apartment towers on Greenpoint's waterfront.
The towers are part of a 22-acre project called Greenpoint Landing, a product of a 2005 rezoning aimed at bringing more high-rises to Greenpoint and Williamsburg, the Wall Street Journal reports. The rezoning has contributed to Williamsburg's robust growth, which has average rents skyrocketing to nearly $4,100 for a two-bedroom. However, Greenpoint's luxury market is a bit behind, sporting rents of roughly $3,200 for a two-bedroom.
Family-owned developer Park Tower Group purchased the site of Greenpoint Landing a decade ago, but the real estate crash brought it to a screeching halt. It plans to add 5,500 apartments in 10 towers over the next 10 years. But Greenpoint is a fairly untested area in the luxury rental sector, and real estate observers worry lack of transportation could be an issue. So the developers are considering adding a ferry stop and a shuttle bus to the subway to help draw tenants.
Meanwhile Brookfield has increased its inventory from virtually nil five years ago to 42,000 apartment units today, as it moves to grow its urban presence. Groundbreaking for the two new towers is slated for the first half of 2016. [WSJ]
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