Lendlease, an international property and investment group has partnered with Australia's Aware Super in acquiring an 80% interest, a 2.6 acre, full city block development site located at 1 Java Street on the Greenpoint, Brooklyn, NY, East River waterfront.
The site was purchased for $110.8M from JZ Capital Partners & Stiles Properties, with a minority interest held by members of the former owner.
According to Melissa Roman Burch, Executive General Manager of New York Development at Lendlease “The acquisition of this significant waterfront site at 1 Java Street further demonstrates Lendlease’s prowess to unlock sites for development”. “By drawing upon our proven placemaking capabilities, Lendlease will transform this underutilized site into a vibrant mixed income and mixed use community and further build on our 40 year track record of construction, development and investment in New York City”.
The project vision is a spectacular 2 tower structure and will include over 800 residential rental units, with 30% designated as affordable housing under the Affordable New York Housing Program. There will be 13,000 square feet of neighborhood retail and 18,000 square feet of a public waterfront park. The project will include a reimagined waterfront esplanade connecting to the India Street Pier and NYC Water Ferry.
Lendlease and Aware Super are fully committed to the highest standard of sustainability outcomes and will target LEED Gold certification, WEDG Waterfront certification, Fitwell certification and ENERGY STAR certification. The building will use a geothermal ground source heat pump system utilizing geothermal energy for heat exchange instead of a traditional gas boiler heating and cooling the towers to minimize carbon emissions.
The project design team using WEDG guidelines, will create an accessible space to the waterfront for the community through outdoor spaces. Part of this vision is to embrace native birds and native plantings along the waterfront.
The project team is interested in having partnerships with local nonprofits for local hiring, including diverse, minority and underemployed communities.
Lendlease has secured a $360M construction loan to build 1 Java Street. Bank of America led a group of lenders on this loan.
Construction of this project began in June 2022 in order to qualify for the since expired 421A tax abatement, which requires the inclusion of affordable housing.
Lendlease has an estimated completion date of early 2026.
To be continued...
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