Lendlease bags $708m Brooklyn residential project

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)

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