Park Tower Group sells stake to partner Brookfield in Greenpoint sites, with transfer valued at $226M

By Adam Pincus

The Midtown-based Park Tower Group sold stakes valued for tax purposes at $225.7 million to Brookfield Properties, covering two development parcels set for residential apartment construction at the large Greenpoint Landing complex, city records filed yesterday revealed.

At the same time, Brookfield purchased 76,511 square feet of development rights from the Park Tower Group for the two sites, for $12.6 million.

In addition, the parties terminated a May 2018 purchase option Park Tower had to buy the properties.

The transactions consolidate Brookfield’s position as a major owner and developer along the Brooklyn waterfront, which is a 22-acre complex that is smaller than Hudson Yards yet emulates it as a transformative construction hub. The overall development was encouraged by the city’s 2005 rezoning of the area.

No construction debt has yet been recorded against the two sites, where Brookfield said it had plans to build two residential towers with a total of 1,240 residential units, according to Real Estate Weekly. In May 2018, the Industrial and Commercial Bank of China provided Brookfield and Park Tower Group an $89 million loan in new debt. The transaction valued the stake in parcel D at $161.9 million and for parcel H-3 at $63.8 million.

Earlier this year, Brookfield filed development plans for the sites, including at 1 Eagle Street and 15 Eagle Street, totaling 710,344 square feet of residential space. Those plans also call for 8,616 square feet of commercial space.

Ron Moelis’s L+M Development Partners is also constructing apartments at Greenpoint Landing.

Direct link to parcel D Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Direct link to parcel H-3 Acris document. link
Direct link to the city’s interactive property map, ZOLA. link