Domain Companies, LMXD buy 76% stake in Park Tower’s Greenpoint dev site valued at $160M

Domain Companies, and LMXD through the entity GPLC Owner LLC bought a 76 percent stake worth approximately $122 million in a Greenpoint, Brooklyn, development site valued at $160 million, from the Park Tower Group through the entity Greenpoint Riverview Associates, L.L.C. The expected use is ground up development. Park Tower Group remains a member of the joint venture. The joint venture partners plan to build three new rental towers with approximately 1,025 units, including 300 affordable units.

On these lots, there are three active new building construction projects, totaling 793,622 square feet. The largest, B00739735, is a new building project at 21 Freeman Street for a 503-unit, 399,685 square-foot R-2 building submitted by Park Tower Group and filed by Anne Carson Blair with plans filed March 6, 2025 and it has not been permitted yet. The second largest, B00739760, is a new building project for a 298-unit, 221,808 square-foot R-2 building submitted by Park Tower Group and filed by Anne Carson Blair with plans filed March 6, 2025 and it has not been permitted yet.
The deal closed on August 13, 2025 and was recorded on August 27, 2025. The three properties have zero square feet of built space and 674,470 square feet of additional air rights for a total buildable of 674,470 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $237 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 Park Tower Group was Marian Klein. The signatory for Park Tower Group , Domain Companies , and LMXD was Marian Klein. The contract date was August 13, 2025. The tax paid on $122 million reflects a 76.3 percent stake in the entire property valued at $160 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Park Tower Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Park Tower Group had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 260 feet and is 1,057 feet deep with a total lot size of 241,425 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.7 million.

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 not received any significant violations in the last year.

The neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 3.1 times the average sales volume among other neighborhoods with $877.8 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Greenpoint has 1.3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On the tax block of N/A West Street, PincusCo has identified the owners of two of the four commercial properties representing zero square feet of the zero square feet. The identified owner is Brookfield Properties.
On the tax block, there were three new building construction projects totaling 793,622 square feet. The largest is a 503-unit, 399,685 square-foot residential (R-2) building submitted by Park Tower Group and filed by Anne Carson Blair with plans filed March 6, 2025 and it has not been permitted yet. The second largest is a 298-unit, 221,808 square-foot residential (R-2) building submitted by Park Tower Group and filed by Anne Carson Blair with plans filed March 6, 2025 and it has not been permitted yet.

The majority, or 0 percent of the 0.0 square feet of built space are development buildings, with specialty buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Park Tower Group owned at least two commercial properties with 381 residential units in New York City with 0.0 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio has $165.3 million in debt, borrowed from NYC Housing Development Corporation and Signature Bank. Within the portfolio, all identified are industrial properties.

The buyer

The PincusCo database currently indicates that Domain Companies owned at least 19 commercial properties with 904 residential units in New York City with 1,800,471 square feet and a city-determined market value of $27.4 million. (Market value is typically about 50% of actual value.) The portfolio has $637.3 million in debt, with top three lenders as JLL, Equitable Financial Life Insurance Company, and PNC Bank respectively. Within the portfolio, the bulk, or 95 percent of the 1,800,471 square feet of built space are elevator properties, with industrial properties next occupying 5 percent of the space. The bulk, or 95 percent of the built space, is in Bronx, with Brooklyn next at 3 percent of the space.
The PincusCo database currently indicates that Park Tower Group owned at least two commercial properties with 381 residential units in New York City with 0.0 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio has $165.3 million in debt, borrowed from NYC Housing Development Corporation and Signature Bank. Within the portfolio, all identified are industrial properties.

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