Australian real estate company Lendlease filed plans this week for a 14-story mixed-use project on Greenpoint’s waterfront at 1 Java St., reports The Real Deal.
Lendlease has already taken over the block that spans Java to India Streets along West Street. Demolition of the abandoned building on the property was completed this week, though the Greenpoint ferry stop adjacent to the project still remains closed. Per Lendlease’s timeline, the pier will reopen in spring 2022.
The 2.9-acre site at 1 Java Street, also known as 18 India St., has been owned by Lendlease and Australian pension fund Aware Super since October 2020, when they bought it for $110.8 million in an all-cash deal from JZ Capital Partners, a London-listed investment firm, and RedSky Capital-owned entity Stiles Properties.
1 Java Street is a development site offering 610,000 buildable square feet on a full city block. The site offers 1,174 square feet of wrap-around, high-visibility frontage with protected waterfront views of the East River overlooking Manhattan.
Although the latest plans, filed with the city’s Department of Buildings, show a 482,700-square-foot building with 477 residential units, it looks like the completed building will actually include about 850 rental units. “Our latest filing did not account for all of the allowable square footage and will be amended to reflect what will actually be built and submitted to the city later in the year,” Isaac Henderson, development director at Lendlease, said in the statement.
Henderson also said it will include about 15,000 square feet of retail space and a re-imagined waterfront esplanade with improved connection to the India Street Pier and NYC Ferry when it returns. Approximately 30 percent of the rental units will be set aside as affordable housing.
Given Lendlease and Aware Super’s shared commitment toward achieving the highest sustainability outcomes, the 1 Java Street project will target a range of initiatives including LEED Gold certification and WEDG Waterfront Certification.
Lendlease plans to break ground in late 2022 or early 2023, with an estimated completion date of early 2026.