A joint venture between Canada-based Brookfield Properties and US-based Park Tower Group is set to co-develop two new rental properties in New York City, US, for US$1 billion.
The development will be located in Brooklyn at Greenpoint Landing, a nine-hectare site along a 0.8km stretch of East River.
The buildings will house approximately 1,240 units, a third of which will be set aside as affordable housing, and as part of the project the waterfront promenade will be extended.
With construction work expected to begin in 2019, Brookfield Properties said the aim was to create a fully-integrated community with housing units, public spaces, parks and a public school.
This development will add to the companies’ existing footprint along the waterfront. In total, the two firms are now developing more than 2,000 units across four sites at Greenpoint Landing.