Brooklyn, New York / Albee Development LLC
Since 2006, WSQ has been the development manager for City Point, the award-winning mixed-use property located on city-owned land in the heart of Downtown Brooklyn. A three-phase, 1.9 million square foot mixed-use development on a 3.5-acre site, City Point is at the crossroads of historic neighborhoods, civic landmarks, several universities, and one of New York City’s busiest commercial districts. As development manager of one of the most significant mixed-use projects in New York City, WSQ has been instrumental in realizing the vision for the revitalization of Downtown Brooklyn.
WSQ consulted on negotiating the lease and incentive package from New York City for Albee Development. These transactions included the Industrial Development Agency (IDA) and Energy-related program incentives for the office component, Industrial and Commercial Incentive Program (ICIP) benefits, the partial real estate tax exemption for the retail component, and a 421-A-like real estate tax exemption for the residential component. WSQ also consulted on reconfiguring the residential component to incorporate more affordable housing, which allowed the project to be eligible for tax-exempt financing. WSQ was able to identify a mix of affordable and market-rate housing, which maximized potential tax-exempt financing and closed a significant financing gap.
City Point is anchored by Alamo Drafthouse Cinema, Target, Primark, Trader Joe’s, and DeKalb Market Hall, and serves over 160,000 shoppers per week. City Tower and 7 DeKalb are comprised of over 700 rental units and are 100% occupied. Brooklyn Point, City Point’s third phase, features over 400 condo residences, the Basis School, and retail/restaurant spaces.