Australian property and infrastructure firm Lendlease has landed a role on a US$708m (A$1bn) project to turn a New York City block into 800 apartments.
The 2.6 acre Brooklyn project will contain a reimagined public waterfront esplanade, improved links to India Street pier and NYC Water Ferry, and 30% affordable housing.
It is being carried out in conjunction with Australian pension fund Aware Super.
Lendlease will act as the development, construction and investment manager for the project.
The 1 Java St acquisition is based on a 25% interest for Lendlease and a 75% interest for Aware Super.
Alek Misev, Aware Super portfolio manager, said: "We’re proud to move this project forward with Lendlease while further expanding our successful U.S. multifamily portfolio and building out our strategy in affordable housing, multifamily build-to-rent and serviced apartments."
Image: New York’s skyline (Alepuffo/Dreamstime)