Lendlease to Commence Demolition at 1 Java Street in Brooklyn
- 14 Apr 2021
Lendlease (ASX: LLC), a global real estate group, today announced the commencement of abatement and demolition at 1 Java Street, a 2.6-acre site on the Greenpoint waterfront in Brooklyn, NY. These milestones mark significant progress on the site, acquired by Lendlease in partnership with Aware Super, one of Australia’s largest superannuation funds, in October 2020, and will make way for a vibrant mixed-income and mixed-use community, which will revitalize Brooklyn’s waterfront for residents and visitors.
Lendlease has a rich history of construction, investment and development in New York City. 1 Java is another example of Lendlease executing its global strategy of opportunistic growth, through an integrated platform in major gateway cities and sustaining momentum across its national pipeline.
“Moving forward with a large-scale project such as 1 Java amid the pandemic is a testament to Lendlease’s ability to identify and unlock sites through an integrated strategy, and underscores the importance of creating community-oriented spaces in gateway cities,” said Denis Hickey, CEO of Lendlease Americas. “We’re excited to move into this next phase of the project and draw on our 40 years of experience in New York City to build the next generation of multi-family living on the emerging Greenpoint Waterfront.”
The asbestos abatement process for the site is currently underway and demolition will commence once it is complete. Demolition of the existing buildings on the parcel is anticipated to complete by October 2021. Throughout the abatement and demolition process, access to the India Street pier will be maintained at all times, Citi Bike stations will be permanently relocated to the north side of India Street, and sidewalks and existing parking spaces will be closed and temporarily removed.
“The commencement of the demolition process at 1 Java is an exciting milestone in our process of redeveloping and revitalizing a key portion of the Brooklyn waterfront,” said Isaac Henderson, development director at Lendlease. “We look forward to continuing to lean on insights from community organizations to inform and accelerate the creation of a resilient, sustainable, inclusive and bustling residential community rooted in the unique history and culture of Greenpoint.”
The major urban regeneration project will transform a full city block into a mixed-use development, including approximately 800 residential rental units, with 30% of the apartments designated as affordable housing under the Affordable New York Housing Program. The property, uniquely positioned on the Greenpoint waterfront, will also encompass a reimagined public esplanade with improved connection to the India Street Pier and NYC Water Ferry as well as ground floor retail at the waterfront and West Street. The finished project will be net zero carbon, aligning with Lendlease and Aware Super’s goal of achieving absolute zero carbon across the partnership’s U.S. multifamily portfolio by 2040.
ENDS
For additional information, contact:
Stefanie Murphy
Director Corporate Communications
stefanie.murphy@lendlease.com
+1 312-909-1731
About Lendlease
Lendlease is a leading global real estate group with operations in Australia, Asia, Europe and the Americas. Our purpose is to create value through places where communities thrive.
Headquartered in Sydney, Australia, and listed on the Australian Securities Exchange, Lendlease has approximately 9,500 employees internationally.
Our core capabilities are reflected in our operating segments of Development, Construction and Investments. The combination of these three segments provides us with a sustainable competitive advantage and allows us to provide innovative integrated solutions for our customers. Our integrated approach means we harness the expertise in infrastructure, design, development, investments and management to deliver a project from conception to completion.
In the US, Lendlease Development brings over 60 years of global experience to bear in urbanization, communities and infrastructure development. Leveraging our placemaking expertise and integrated business model, we are committed to delivering transformational urbanization projects and investments in gateway cities that generate social, environmental and economic value.
www.lendlease.com
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