Property developer Lendlease, with backing from Aware Super, the rebadged First State Super, has made its first major regeneration foray into New York, taking control of a Brooklyn site on the waterfront with plans for a $1 billion build-to-rent project, reported Financial Review.
The property is located across the East River from Manhattan. The project will transform a full city block in the Greenpoint neighborhood into about 800 apartments, with a portion of those earmarked for affordable housing under a New York City program.
Within their partnership, Lendlease holds a 25 percent interest while Aware Super has a 75 percent stake.
