Next Greenpoint Landing phase includes 1,000 apartments across three towers
Courtesy of C. Taylor Crothers / CTC Creative
More than 1,000 new apartments are headed to the Greenpoint waterfront. The Domain Companies, LMXD, and Park Tower Group announced a joint venture partnership to build the next phase of Greenpoint Landing, a development along a 22-acre stretch of the East River that will eventually be home to 5,500 apartments. The next phase, “Block C” of the master plan, includes three mixed-income rental buildings, 20,000 square feet of retail space, and a waterfront public park.
As first reported by Commercial Observer, the three towers will include a 40-story building with 503 units at 21 Freeman Street, a 30-story building with 298 units at 37 Freeman Street, and a nine-story building with 224 units at 209 West Street. Of the roughly 1,000 total apartments, 300 will be affordable.
Handel Architects will design all three buildings with landscape design from Field Operations. The project is expected to “go vertical” in the summer of 2026, according to a press release.
Both Domain and LMXD, an affiliate of L+M Companies, have projects in Greenpoint already. Domain developed Eleven33 at 1133 Manhattan Avenue in 2014; L+M developed 300 apartments between 2014 and 2017 in a joint venture with Park Tower Group. The two developers also built Jasper, a new 499-unit mixed-use development in Long Island City.
“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.
“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.”
JLL Capital Markets arranged $114 million in capitalization for the project. The transaction included an $81 million senior land loan from Bank OZK and $33 million in mezzanine financing from InterVest.
With Park Tower Group as the master developer, Greenpoint Landing has been in the works for years, a result of the 2005 rezoning of the neighborhood. The 22-acre site takes up about a half-mile of the East River waterfront, with 11 total projects bringing 5,500 apartments, with about 1,400 designated as affordable housing, and five acres of open space.
So far, nine parcels with nearly 3,000 apartments have been developed. Most recent projects include The Dupont, a 41-story rental with over 380 apartments, and 35 Commercial Street, a 100 percent affordable rental with 374 apartments.
With an influx of residents on the waterfront, the city plans to build a new elementary school at 257 Franklin Street (pdf). According to the city, three elementary schools, all built in 1900 or earlier, exceed or are approaching full capacity, and are almost a mile from Greenpoint Landing development. The new, sustainably-designed school will offer 450 seats.
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