GDS Development has acquired an additional 7,410 square feet of air rights for their planned condominium development at 500 West 25th Street, in West Chelsea. The air rights were purchased from Brookfield and Related. Valued at $685 per square foot, GDS’ additional investment totals about $5.1 million.
Brookfield Property Partners
Earlier this week, YIMBY brought you news, via Brownstoner, of the progress on Greenpoint Landing’s first two affordable residential buildings, and now developer Park Tower Group is getting ready to begin on two high-rise rental towers, which closely resemble YIMBY’s partial reveal of the planned towers at 37 and 41 Blue Slip. Brookfield Property Partners, who acquired a majority stake in the two-tower project for $59.7 million, according to Crain’s, will be co-developing, and two buildings — one 30 stories with 365 units, and another 40 stories with 415 units — are planned. Gothamist has the latest renderings, and construction is expected to begin in the first half of 2016. Handel Architects is designing. Greenpoint Landing, a 5,000-unit mega-development in northern Greenpoint, will include a total of 10 or more buildings.