The developer, Domain Companies, recently announced that it had been awarded $57 million by the city in the form of tax credits and low-cost debt as incentive for including affordable housing.
Under the plan, 30 percent of the building will be affordable for middle-income earners, while 20 percent is reserved from low income. In exchange, the developer will also be allowed to build 20 percent bigger than the current zoning allows.
Domain purchased the land in 2010 from a private owner in a 99-year ground lease for about $13 million. Combined with construction, $67 million, the overall cost will be set at roughly $80 million. Domain is looking to set up roots in Greenpoint for future developments and plans to use the development to finance other projects in the area.