Lendlease and Aware Super Report 45% Leasing Rate at Brooklyn's The Riverie Five Months After Opening

BROOKLYN, N.Y. — June 15, 2026 — Lendlease and its majority equity partner Aware Super are reporting strong early leasing activity at The Riverie, an 834-home residential development situated on the East River waterfront in Brooklyn's Greenpoint neighborhood. The building opened in January 2026, and as of the end of May, approximately 45% of units had been leased, according to the firms.

Leasing Momentum and Resident Response

Victoria Lehman, Senior Development Manager at Lendlease, said pre-leasing began ahead of the building's completion, with early tours generating immediate interest. "Even the early 'hard hat' tours were getting a very positive response, which translated into leases pretty quickly," Lehman said. "That's always a good signal — you've got people backing the product before it's fully delivered."

Demand for the development's affordable units has been particularly pronounced. Lendlease reported receiving more than 67,000 applications for 251 affordable apartments — a ratio the firm cited as evidence of both unmet housing need in the market and interest in the specific offering. The 251 affordable units represent 30% of the total 834-home community, developed under New York's Affordable New York Program (421-a).

Lehman said resident feedback since move-in has centered on construction quality, amenity design, waterfront views, and the move-in experience provided by building staff. Interiors were designed by design firm INC.

Geothermal System at the Core of Sustainability Strategy

A central feature of The Riverie is what Lendlease describes as New York State's largest residential geothermal heat exchange system. The system comprises more than 320 boreholes drilled approximately 500 feet into the ground beneath the 2.6-acre site, approximately 1,100 heat pumps, and approximately 73 miles of piping. The fully electric building is expected to reduce annual carbon emissions from heating and cooling by 53% compared to traditional residential buildings, according to Lendlease.

Meg Spriggs, Managing Director Americas at Lendlease, said the geothermal installation required coordination across design, construction planning, and specialist drilling subcontractors from early in the development process. "It took a lot of coordination from the early design stage across design, construction planning and our specialist geothermal drilling subcontractors, and a real willingness to lean into the complexity," Spriggs said.

Lendlease estimates the geothermal system carried a 6% cost premium on total construction costs. The firm said those upfront costs are expected to be offset over 25 years through lower operating expenses, reduced exposure to local emissions-related fines, and access to grant programs and tax credits.

Financial Structure and Incentive Access

Layth Madi, Director of Development Management and Operations at Lendlease, said the combination of geothermal infrastructure, affordable housing, and brownfield site remediation enabled the project to access multiple financial incentives. These included community heat pump grants and rebates from the state and utilities, in addition to the tax abatement associated with the 421-a affordable housing program.

"We don't get any of that without the environmental and social outcomes we're delivering," Madi said. "Those sustainability decisions directly opened up those funding pathways."

Aware Super serves as the majority equity partner in the project. Madi described the partnership as reflecting alignment on long-term asset resilience. "Together, we've been able to show that sustainability, capital and delivery capability don't compete with each other — they actually reinforce each other," he said.

Climate Resilience and Site Design

Lendlease said the development incorporated a detailed climate risk assessment that informed design decisions related to sea level rise, increased wind speeds, and more intense rainfall events. The firm said infrastructure was included to address both flooding and drought scenarios.

The project also includes an 18,000-square-foot public waterfront esplanade connecting to the India Street Pier, along with local-serving retail and dining. Lendlease said the esplanade is intended to serve both residents and the surrounding neighborhood.

Through a partnership with the Billion Oyster Project, The Riverie has been registered as an official Oyster Research Station to support oyster monitoring and data collection along the waterfront. During construction, approximately 25 Building Skills New York trainees were employed by subcontractors across trades including plumbing, electrical, and carpentry, with four additional skilled trainees placed in electrical and plumbing roles.

Development Context and Outlook

The Riverie represents a seven-year development effort for Lendlease. Spriggs said the firm intends to share lessons from the project across its business and the broader industry.

"We hope that the project serves as a replicable model for how cities and developers can pursue decarbonisation at scale," Spriggs said.

Madi said the project's sustainability integration was intended to position the asset for long-term regulatory and market conditions. Spriggs added: "It makes the building more resilient to regulatory change, more efficient to operate, and more attractive to residents and investors alike. That's why it's not a trade-off — it's a key part of delivering strong, long-term returns."

Lendlease did not disclose total project costs, sale pricing, or a target stabilization timeline.

Sources

Lendlease: "The Riverie: Unlocking Value Through Sustainability," June 15, 2026