Developers Secure $170M in Construction Financing for 35 Commercial Street in Greenpoint, Brooklyn

Rendering of residential entryway at 35 Commercial Street - Handel ArchitectsRendering of residential entryway at 35 Commercial Street - Handel Architects

Greenpoint‘s latest affordable housing property will soon take shape at 35 Commercial Street following the acquisition of $170 million in construction financing. The forthcoming property is located within the Greenpoint Landing mega-complex in north Brooklyn and will eventually introduce 374 affordable housing units to the neighborhood.

The private-public development partnership responsible for the property includes Greenpoint Landing Associates, New York City’s Housing Preservation & Development (HPD), and the Housing Development Corporation (HDC).

“We are glad to move forward with this exciting new development that is set to give nearly 400 low- and moderate-income families a brand-new affordable place to call home,” said HPD commissioner Louise Carroll. “This development delivers on our promise that the transformational Greenpoint Landing project, more than ten years in the making, brings 1,400 new affordable homes to Greenpoint.”

Designed by Handel Architects, 35 Commercial Street will top out at 22 stories above ground. The structure will feature a series of interlocking brick volumes separated from one another by recessed ribbons of glass that run both vertically and horizontally. The building’s primary entrance on Commercial Street will be framed by a dramatic arch and vaulted ceilings and brick walls that lead to the three private landscaped courtyards. Alive Structures, Greenpoint-based landscape design firm, worked with the architects to create the outdoor spaces.

Out of a total 344,463 square feet, around 311,000 square feet will be dedicated to residential area. Amenity spaces include a mix of outdoor and indoor children’s play areas, a fitness center, an on-site laundry room, bicycle parking, and communal lounge areas.

An additional 7,600 square feet will be devoted to lower-level retail.

“We are so proud to partner yet again with the city to create nearly 400 new and much-needed units of low-tier AMI affordable housing, accessible to New Yorkers ranging from formerly homeless to families earning up to 110 percent of AMI,” said Anne Carson Blair, spokesperson for Greenpoint Landing Associates.

In its entirety, Greenpoint Landing is a 22-acre site situated along a half mile of East River waterfront being master planned and developed by Park Tower Group. The development will yield an estimated 5,500 residential units, four acres of public open space, as well as a mix of local retail, dining area, and community facilities.

Properties currently under construction include OMA’s 227 West Street, One Bell Slip, and Two Blue Slip, both from Handel Architects, among other rising properties.

The project at 35 Commercial Street will bring Greenpoint Landing’s total number of income-targeted apartments and affordable housing stock to more than 1,200 individual units.

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