Park Tower Debuts Brooklyn Property

Part of the Greenpoint Landing master-planned community, the new building is fully affordable.

Park Tower Group, an affiliate of Greenpoint Landing Associates, has opened 35 Commercial St., a 374-unit fully affordable community in Brooklyn, N.Y. The project is part of the Greenpoint Landing master-planned community.

Park Tower, in partnership with Greenpoint Landing Associates, New York City’s Housing Preservation & Development and the Housing Development Corp., broke ground on the project in 2021. HDC provided $135.3 million in construction financing, Yardi Matrix data shows.

Monadnock Construction was the project’s general contractor, while Handel Architects provided architectural services and Alive Structures served as landscape designer, according to New York YIMBY.

The 22-story building comprises studio, one- and two-bedroom floorplans. Apartments feature an all-electric set of appliances, while community amenities include multiple outdoor courtyards totaling 11,000 square feet, children’s play areas both inside and outside, a gym, a card-operated laundry room, a communal lounge and bike storage.

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Future residents underwent a lottery process with one of the selection criteria being the average median income; the property’s units cater to households earning between 30 and 110 percent of AMI.

The community is less than 1 mile southwest of Interstate 495 and some 2 miles north of Interstate 278, having several subway stations nearby. The entertainment options provided by Newton Barge Playground and Greenpoint Playground, as well as a wide array of dining venues, are within walking distance.

Part of a waterfront master-planned development

The community at 35 Commercial St. is part of the 22-acre Greenpoint Landing, a master-planned development set to encompass roughly 5,500 units and 5 acres of public open space. Park Tower Group and Brookfield Properties have developed 2,000 units in the area across four projects, with 30 percent of apartments designated as affordable.

Among these developments is One Blue Slip. The 359-unit luxury community rises 30 stories and features 1.1 miles of waterfront open space.

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