Brookfield cuts debt to $153M at 359-unit Greenpoint rental, was $170M

Brookfield Properties through the entity Bop Greenpoint G LLC as borrower signed a refi loan with lender BNP Paribas valued at $153 million for the 359-unit 1 Blue Slip in Greenpoint, Brooklyn.
The deal closed on March 19, 2025 and was recorded on March 26, 2025. The prior lender was Bank of Nova Scotia which held debt that had an original loan amount of $170 million.
The signatory for Brookfield Properties was Susan O’Brien. The signatory for BNP Paribas was Eugene Kim and Jake Concavage.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1 Blue Slip.

The block

On the tax block of 1 Blue Slip, PincusCo has identified the owners of 18 of the 25 commercial properties representing 2,653,581 square feet of the 2,667,081 square feet. The largest owner is Brookfield Properties, followed by Greenpoint Manufacturing And Design Center and then Clipper Equity.
On the tax block, there were seven new building construction projects totaling 1,671,803 square feet. The largest is a 335-unit, 338,353 square-foot residential (R-2) building submitted by Brookfield Properties and filed by Dan Berger with plans filed March 15, 2019 and permitted July 13, 2020. The second largest is a 374-unit, 318,639 square-foot residential (R-2) building submitted by Park Tower Group and filed by Guy Morton with plans filed April 3, 2020 and permitted June 21, 2021.

The majority, or 83 percent of the 2.7 million square feet of built space are elevator buildings, with industrial buildings next occupying 14 percent of the space.

The borrower

The PincusCo database currently indicates that Brookfield Properties owned at least 56 commercial properties with 4,799 residential units in New York City with 24,876,733 square feet and a city-determined market value of $5.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $11.5 billion in debt, with top three lenders as Wells Fargo, JPMorgan Chase, and ING Capital respectively. Within the portfolio, the bulk, or 60 percent of the 24,876,733 square feet of built space are office properties, with elevator properties next occupying 20 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

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