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210-Unit Rental Tower Set to Break Ground in Greenpoint

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A new residential development on the Greenpoint waterfront is set to break ground next month after securing $57 million of financing, Crain's reports. The $80 million project, courtesy of developers the Domain Cos., is taking advantage of tax credits and low cost debt allocated to projects that include affordable housing and remediate polluted land parcels (Greenpoint is bordered by the Superfunded Newtown Creek), making it the first development in the neighborhood to do so. The 210-unit rental tower at 1133 Manhattan Avenue, currently a former railroad repair facility, will be comprised of 50 percent market rate units, 30 percent middle-income units, and 20 percent affordable units, allowing over two thirds of the project's debt to be financed at below-market interest rates, as well as getting it a special zoning variance to allow it to be 20 percent taller than existing maximums. The ability to procure so much discounted financing could prompt other developers to set their sights on Greenpoint in the near future, one of Domain's principals told Crain's. Seems like a safe bet—developer Park Tower Group recently announced plans to break ground on Greenpoint Landing, ten luxury residential towers on the waterfront containing 20 percent affordable housing, next summer.
· Tower on the rise in Greenpoint [CNY]