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By Accord Real Estate Group

Two Trees Williamsburg River Ring Project Update

January 22nd 2022
Tags: All about Brooklyn New York, Brooklyn Real Estate

On October 4th 2021 we blogged that the Community Board had approved the rezoning proposal along the Williamsburg waterfront to make way for the River Ring project planned by Two Trees Management. The approval is based in part on the condition that the project include mixed income housing.

The New York City Council has now approved this historic development to move forward because Two Trees has satisfied their commitment to creating mixed income housing, Senior housing, a YMCA and a public waterfront park.

Brooklyn Council member Stephen Levin reports that the final negotiated application would result in more affordable housing than previously announced. Levin says “the priority for me is affordable housing, in particular senior housing”. Levin further reports that developer Two Trees will now fund the construction of between 150 and 200 affordable housing units designed specifically for seniors to be built off site.

Two Trees River Ring Towers will include more than 1,000 new mixed income apartments. Two Trees will also commit $1,7M to community initiatives helping to retrofit existing buildings in the Williamsburg community, while also conducting a major study of open space planning in the community district to better connect any new parks to existing parks. A new park planned as part of the River Ring project includes a 6 acres park with in water access designed to be sustainable and resilient to storm surges. The River Ring Park will extend public space by connecting with adjacent Domino Park opened by Two Trees in 2018.

Jed Walentas, principal of Two Trees Management says “we will bring the same commitment and dedication to River Ring that we've brought to the Domino redevelopment and Domino Park”.

If you are interested in selling your property or you know someone who is planning to sell their New York or Brooklyn property, whether a single family residential property,  an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.

We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.

Thank you,

Accord Real Estate Group

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