M&T Bank Lends $85M For East River Land Development
M&T Bank has completed a $78 million loan with Two Trees Management, who will purchase land for the proposed development of two mixed-use towers and a six-acre park in Williamsburg, Brooklyn.
NEW YORK CITY – M&T Bank has completed a $78 million loan with Two Trees Management who will purchase land for the proposed development of two mixed-use towers and a six-acre park in Williamsburg, Brooklyn.
The development will extend from Grand to North 3rd on River Street along the East River and will include two apartment towers, 600- and 650-feet tall with 1,000 units that Bjarke Ingels Group designed, 250 of which are below market rate. The buildings will also house a 47,000-square-foot YMCA with a pool, 57,000 square feet of office space and 30,000 square feet of retail space.
“Our goal for this project is to improve the way New Yorkers and visitors interact with the river,” said Jed Walentas, principal of Two Trees Management, in a prepared statement. “We wanted to create a dynamic space that allowed for attractive housing and a unique public park that connects city dwellers with nature, increasing resilience and reducing flooding concerns.”
The planned six-acre park will include a circular esplanade and a ring-like cove that can be used for waterborne recreation, a sandy beach, fishing pier, salt marsh, nature trail and amphitheater. James Corner Field Operations, the landscape architect chosen to design and build the park, plans to include breakwaters that extend into the river with a series of different habitats to support wildlife and help take energy out of surging waters. Habitats in the park are designed to rise with the water.
“We were so impressed by Two Trees and its partners’ plans to create a dynamic, mixed-use space along the riverfront that is designed to adapt to the changing environment,” said Doug Tilley, vice president and commercial real estate team leader for M&T Bank, in a prepared statement. “Our team is thrilled with the opportunity to be involved with a project that will benefit the city’s visitors and residents for generations to come.”