Lendlease, an Australia-based developer and contractor has launched the construction of an 800-unit apartment on the waterfront in the New York City borough of Brooklyn. In a recent announcement, the company said the project will be valued at $718 million and will be funded by the Australian pension fund Aware Super.
According to Carlo Scissura, president and CEO of the New York Building Congress, Lendlease’s ability to acquire the property during this pandemic and economic crisis period is a confirmation of the real estate market in New York.
“The fact that you now have a full block of waterfront along the East River that’s going to be redeveloped in the coming years is an incredible show of support and investment in the future of New York, and I think that’s something to be celebrated,” he said.
The rental apartment is located at 1 Java Street along the East River and sits on a 2.6-acre piece of land. The project will include around 240 affordable units. The development will feature new waterfront esplanade to allow better access to the New York City Water Ferry and the India Street pier. In addition, the complex will be built with sustainability features like LEED Gold certification.
Lendlease Americas Residential Partnership (LARP)
The project is part of Lendlease Americas Residential Partnership (LARP) valued at $2 billion, which was created by Lendlease and Aware Super to jointly develop rental residential apartments in strategic cities like New York, Boston, and Chicago. The developer did not specify when construction of the new Brooklyn project will start.
In its 2020 annual report, Lendlease said its main business strategy is to create “urban precincts in key global gateway cities.” Currently, the company has a total of 21 projects in nine major cities across the world. With the latest project, the company will have more than $21.5 billion in current and future projects in the U.S.