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Extell's City Point Rental Tower Could Be Brooklyn's Tallest

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Having conquered the supertall field in Manhattan, Extell overlord Gary Barnett is turning his attention to Brooklyn, where his first project in the borough could be its tallest tower yet. It was reported last fall that Extell would be building the third and final piece of Downtown Brooklyn's City Point project, and now the Times brings a few more details of what that entails, now that Extell officially controls the site. Barnett said the tower, which will likely be rentals, could hold up to 500 apartments and rise 60 stories, meaning that what was once called a "totally imaginary" tower is not imaginary after all.

City Point is a 1.8 million-square-foot project located between Flatbush Avenue, Fulton Street, and Willoughby Street. The first phase brought new retail, and the second phase, currently under construction, includes two residential towers—a 250-unit 19-story building, and a 400-unit 30-story building—atop 675,000 square feet of retail.

Extell's portion will also include a retail base. It will be four stories and 60,000 square feet, and the rental tower will sit atop it. Barnett hopes to break ground this year, and the mall would open by 2017. The tower would be complete by 2019. No architect was mentioned in the Times' piece, but COOKFOX designed the rest of the complex, so perhaps Extell will be sticking with them.

Extell paid $120 million to Washington Square Partners and Acadia Realty Trust, the developers of City Point. Barnett's firm is technically leasing the land with an option to buy in a few years. It seems that Barnett might be a bit self-conscious of his move to Brooklyn, as the Times takes pains to point out that he was not lured to the borough by hipsters: "The investment shouldn't be taken as a sign that Mr. Barnett is suddenly fond of mutton-chop whiskers and artisanal beef jerky. Rather, in a city where land is scarce and prices are rising, the deal made good financial sense, he said." It's okay to admit you think Brooklyn is cool, Gary. Stop trying to hide your true feelings.
· City Point Project in Brooklyn Gets Unlikely Partner in Extell [NYT]
· Extell's First Brooklyn Project Will Be Part of DoBro's City Point [Curbed]
· All City Point coverage [Curbed]