DOWNTOWN BROOKLYN — Extell Development Company bought the rights to the third phase of the City Point development in Downtown Brooklyn, with plans to build the borough's tallest tower.
Washington Square Partners and Acadia Realty Trust, the owners of City Point — an in-the-works development that includes a movie theater, massive food hall, shopping mall and residential towers — sold the third phase of the project to Extell for $115.5 million.
Phase III is composed of a 500-unit rental tower that will sit atop a 60,000-square-foot shopping center near the corner of Flatbush Avenue Extension and Willoughby Street.
Extell plans for the retail space and rental units combined to rise 60 stories — making it the tallest building in Brooklyn, according to The New York Times.
"We are thrilled to be entering the Brooklyn market," said Gary Barnett, president of Extell Development Company, in a statement. “With City Point leading its transformation, Downtown Brooklyn has emerged as one of the strongest neighborhoods in the borough.
“Once complete, the tower will be one of the most prominent residential buildings in the borough,” Bernstein added in the statement.
This is the first residential development in Brooklyn for Extell, a company known for sky-high, luxury condos.
Construction of City Point's first phase, which includes a residential tower and retail space anchored by Armani Exchange, began in 2010 and was completed last year.
Phase II construction began in 2013 and includes space for a Century 21 Department Store, CityTarget, Alamo Drafthouse Cinema and DeKalb Food Market, a massive concourse-level food court. Phase II is scheduled for completion this year.
Construction on Phase III is slated to start in 2017 with an expected completion date of 2020.
