Brooklyn City Point Redevelopment ProjectLoan Amount: $200,000,000
The NYCRC provided a $200 million loan to an affiliate of Acadia Realty Trust (NYSE: AKR), the real estate company designated by the New York City Economic Development Corporationto assist with a key phase in the redevelopment of Downtown Brooklyn. The loan is assisting with the construction of an approximately 1.2 million gross square foot retail and residential complex known as City Point which is located on the largest City of New York-owned site in Downtown Brooklyn. The retail component of the complex will consist of five levels above ground and two levels below ground with a total gross square footage of approximately 650,000. The City Point site is adjacent to the city’s second busiest transportation hub.
The New York City Department of City Planning and the New York City Economic Development Corporation adopted the Downtown Brooklyn Plan, which supports and guides the growth and development of the area through a series of zoning changes and public improvements. The City Point development will accomplish many of the core strategies of the plan’s vision to enhance Downtown Brooklyn’s commercial, retail, and residential mix.