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Lendlease buys Greenpoint development site

Lendlease and Australian pension fund Aware Super have acquired a development site at 18 India Street in Greenpoint from JZ Capital Partners for $110.8 million. The partners plan to build a nearly 650,000-square-foot mixed-use tower, with 800 rental units, 30 percent of which will be set aside as affordable housing, according to The Real Deal.

  • Backstory: JZ Capital partnered with RedSky Capital on $1 billion worth of real estate acquisitions in New York City and Miami. The London-listed private equity firm realized last year that it had overvalued its real estate book and had to take a massive write-down on its investments.
  • Flashback: The sellers paid $83.5 million for the site in 2009. RedSky previously oversaw the development, and will maintain a minority stake in the project. [TRD]

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