City Point Developers Amicably Make Tower 80% Affordable

The first tower of the City Point megaproject will be 80 percent affordable (200 of the 250 apartments will be designated as such), Brooklyn Eagle reports. The building, which is being co-developed by BFC Partners, Washington Square Partners, and Acadia Realty Trust, was originally supposed to be 50 percent affordable. However, Washington Square Partners vice president Aron Gooblar told Eye on Real Estate, “The city came to us and asked us to do this” and called it a “very amicable discussion.” The city owns the land on which the tower is being built and is leasing it to the developers.

The City Point Tower 2, which is being developed by the Brodsky Organization, will contain 430 units, all market rate. The third tower, which Washington Square Partners and Acadia Realty Trust just sold the development rights for to Extell, has yet to announce how affordable or un-affordable it will be.

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