Deal Paves Way for Greenpoint Green Space

A long-promised park in Greenpoint has the green light thanks to a deal the City has worked out with prominent real estate developers David Bistricer and Joseph Chetrit, who are also revamping the Hotel Bossert in Brooklyn Heights, Crain’s reported. The three-acre Box Street park at Box and Commercial Street at the head of Newtown Creek was promised by the City in exchange for the 2005 rezoning of the waterfront in Williamsburg and Greenpoint. The developers are paying the city about $8 million for the air rights to City property at 65 Commercial Street, currently used to park MTA buses, and the City will put those funds toward the park, move the buses, and incorporate the lot into the park, said the story. Meanwhile, the developers are building a high-rise on neighboring property at 77 Commercial Street, which they purchased last year for $25 million. The building, pictured above, will have about 700 apartments, of which 200 will be affordable. The City plans to unveil plans for the park in the fall.
New Park to Blossom on Greenpoint Waterfront [Crain’s]
Rendering via Crain’s