Domain and LMXD Buy Their Way into Brooklyn's Greenpoint Landing Master Plan with Controversial $122 Million Stake
Domain Companies and LMXD have officially entered Brooklyn's waterfront game with a pricey 76% stake purchase in Greenpoint.
The new power players in Brooklyn's real estate scene, Domain Companies and LMXD, have made a grand entrance by purchasing a $122 million stake in the highly coveted Greenpoint Landing development site. This controversial move has raised eyebrows and sparked conversation among industry insiders.
The seller, Park Tower Group, has been at the helm of the 22-acre Greenpoint Landing master plan since the neighborhood's rezoning in 2005. However, their decision to sell a majority stake to Domain and LMXD has left many wondering about the motivations behind the deal.
"It's clear that money talks in this industry," said one anonymous source. "It's not surprising that Park Tower Group would want to cash in on their investment, but it does raise questions about the future direction of Greenpoint Landing and how this new partnership will affect the community."
With the deal now finalized, the next phase of the megaproject is set to begin. Domain and LMXD will be working alongside Park Tower Group to bring their vision to life, which includes a mix of residential, commercial, and public spaces.
"We are excited to join forces with Park Tower Group and contribute to the transformation of Greenpoint Landing," said a spokesperson for Domain Companies. "Our team is committed to creating a dynamic and inclusive community that will benefit Brooklyn residents for years to come."
However, not everyone is convinced that this partnership will be a positive change for the neighborhood. Some are concerned about the potential for soft corruption and influence games, while others worry about the impact on affordable housing and public access to the waterfront.
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