Brookfield signs $400M refi with Chase, Citibank for 745-unit rental in Greenpoint

Brookfield Properties through the entity BOP Greenpoint D LLC as borrower signed a refi loan with lender JPMorgan Chase and Citibank valued at $400 million for the 745-unit residential elevator building (D6) at 1 Eagle Street in Greenpoint, Brooklyn.
The deal closed on June 11, 2025 and was recorded on June 24, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $400 million. The two properties (the building on the larger lot, and a strip of land about 28 feet wide and 400 feet long, adjacent to it) have 829,837 square feet of built space and 75,316 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $482 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Brookfield Properties was Susan O’Brien . The signatory for JPMorgan Chase and Citibank was Alicia L. Mioll and Jessica Wong .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Linda Early, head officer and Kate Sullivan, agent. The business entity is Bop Greenpoint D Llc.

The property

The residential elevator building with 745 residential units in Greenpoint has 829,837 square feet of built space and 75,316 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 142 feet and is 466 feet deep with a total lot size of 93,507 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $85.2 million. The most recent loan totaled $400 million and was provided by Blackstone Mortgage Trust on July 23, 2021. The property has 108 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 1 Eagle Street, 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 58 commercial properties with 5,732 residential units in New York City with 26,044,833 square feet and a city-determined market value of $5.8 billion. (Market value is typically about 50% of actual value.) The portfolio has $12.9 billion in debt, with top three lenders as Wells Fargo, Citibank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 58 percent of the 26,044,833 square feet of built space are office properties, with elevator properties next occupying 24 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

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