brookfield property partners

affordable housing, Bronx, Major Developments

A previous rendering of 101 Lincoln Avenue via Hill West Architects

The most expensive transaction on record for a development in the Bronx officially closed Wednesday, after Brookfield Property Partners picked up the two sites for $165 million from Somerset Partners and Chetrit Group. Originally, Somerset and Chetrit planned for all of the development’s 849 residential units to be market rate, and while Brookfield intends to keep the same number of apartments, they are designating 30 percent of them affordable, according to the Real Deal.

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real estate trends, West Village 

Photo via Nick Sherman’s Flickr

Brookfield Property Partners announced on Monday it has acquired seven retail storefronts across four properties in the West Village, an attempt to rescue retail in a neighborhood which has had a high rate of vacancies for years. The company hopes to attract e-commerce companies that are interested in testing out brick-and-mortar locations. The properties, found along Bleecker Street between West 10th and West 11th Streets, measure 24,000 square feet. Brookfield paid New York REIT $31.5 million to acquire the properties.

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Midtown West, New Developments

manhattan west, hudson yards, som, renderings, brookfield properties, new developments, skyscrapers, tall towers, megaproject, midtown west

Five Manhattan West. Rendering via Millerhare.

Governor Andrew M. Cuomo announced today that tech giant Amazon will be growing its presence in New York City. The company just signed a lease for a 359,000-square-foot administrative office at Five Manhattan West, Brookfield Property Partners’ 16-story, 1.8 million-square-foot Skidmore, Owings & Merrill-designed building located on Tenth Avenue between 31st and 33rd Streets. The new addition is expected to create 2,000 new jobs in finance, sales, marketing, and information technology. The offices will be the main New York location for Amazon Advertising, which handles sales, marketing, product, design, engineering and more. “We’re excited to expand our presence in New York–we have always found great talent here,” said Paul Kotas, Amazon’s Senior Vice President of Worldwide Advertising.

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