Developer gets $170m for Commercial Street Project

The massive Greenpoint Landing complex on the very Northern tip of Brooklyn will be expanding once again.
The Property’s developer, Greenpoint Landing Associates (a subsidiary of New York real estate heavyweight Park Tower Group), has secured an additional $170 million in funding from New York City’s Housing Preservation and Development Corporation to construct a new structure comprised mostly of affordable housing units.
“We are glad to move forward with this exciting new development that is set to give nearly 400 low- and moderate-income families a brand-new affordable place to call home,” New York City Housing Preservation and Development commissioner Louise Carroll wrote in a statement. “This development delivers on our promise that the transformational Greenpoint Landing project, more than ten years in the making, brings 1,400 new affordable homes to Greenpoint.”
Designed by the firm Handel Architects, 35 Commercial Street will rise 22 stories high and offer unobstructed views of the Brooklyn waterfront, Long Island City, and Manhattan. The Greenpoint-based design firm Alive Structures will contribute landscaping to the building’s entrance and exteriors. The building will also come with outdoor and indoor children’s play areas, a fitness center, an on-site laundry room, bicycle parking, and communal lounge areas.
“We are so proud to partner yet again with the city to create nearly 400 new and much-needed units of low-tier AMI affordable housing, accessible to New Yorkers ranging from formerly homeless to families earning up to 110 percent of AMI,” said Anne Carson Blair, spokesperson for Greenpoint Landing Associates.
35 Commercial Street is but one of many projects that Greenpoint Landing Associates has two or begun along the North Brooklyn Waterfront. The 22-acre site is already home to three high-rise residential towers, with a grand total of seven planned to be completed within the decade (including 35 Commercial Street).