Rockefeller Group and Park Tower Group have secured a US$200 million construction loan to build a 40-story residential tower at 16 Dupont Street as part of the Greenpoint Landing development.
Japan-based Sumitomo Mitsui Trust Bank took over financing on the project with a US$230 million agreement that retires US$30 million originated by Signature Bank, records show.
The tower will have 378 residential units, and 2,700 square feet (250 square meters) of retail space. A portion of units will be set aside as affordable per the city’s now-expired Affordable New York Housing program, said Park Tower president Marian Klein. GKV Architects is listed as the architect of record for the 470,000-square-foot (43,664-square-meters) building, according to the Department of Buildings.
Excavation of the building’s foundation is underway. Park Tower bought development rights for the site last summer for US$23 million, and Rockefeller joined the project in December 2021. Rockefeller Group did not immediately return a request for comment.
L+M Development Partners is spearheading the megaproject’s three affordable housing buildings, located at 5 Blue Slip, 21 Commercial Street and 33 Eagle Street.
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