Park Tower Group Launches 374-unit Affordable Community at Greenpoint Landing in Brooklyn

Park Tower Group, an affiliate of Greenpoint Landing Associates, has unveiled 35 Commercial St., a 374-unit fully affordable community in Brooklyn, New York. This project is part of the larger Greenpoint Landing master-planned community.

Development Partnerships and Financing

Park Tower collaborated with Greenpoint Landing Associates, New York City’s Housing Preservation & Development, and the Housing Development Corp. to initiate the project in 2021. Financing, amounting to $135.3 million, was provided by HDC, as per Yardi Matrix data.

Key Contributors to the Project

Monadnock Construction served as the project’s general contractor, with architectural services by Handel Architects and landscape design by Alive Structures, as reported by New York YIMBY.

Building Features and Amenities

The 22-story building offers studio, one-, and two-bedroom floorplans, equipped with all-electric appliances. Amenities include expansive outdoor courtyards, children’s play areas, a gym, communal lounge, card-operated laundry room, and bike storage. Prospective residents were selected through a lottery process, with eligibility based on income ranging from 30 to 110 percent of the area median income (AMI).

Location and Accessibility

Situated less than a mile southwest of Interstate 495 and approximately 2 miles north of Interstate 278, the community enjoys proximity to several subway stations. Additionally, entertainment options such as Newton Barge Playground and Greenpoint Playground, along with various dining venues, are within walking distance.

Part of a Larger Development Plan

35 Commercial St. is part of the expansive Greenpoint Landing development, covering 22 acres and set to accommodate approximately 5,500 units and 5 acres of public open space. Park Tower Group and Brookfield Properties have jointly developed 2,000 units across four projects, with 30 percent designated as affordable housing.

Key Project in the Area: One Blue Slip

Among the developments within the Greenpoint Landing area is One Blue Slip, a 359-unit luxury community spanning 30 stories and featuring extensive waterfront open space totaling 1.1 miles.