Greystone Acquires Two Development Properties in Brooklyn

May 9, 2013

Category: Deals

Greystone, a New York-based real estate development and financial services company, today announced that it has acquired two development properties in Brooklyn, New York with a projected value of over $50 Million. The transactions were closed by the Greystone Property Development team, overseen by Douglas Benach.

The first property is located at 137-43 North 10th Street in Williamsburg between Berry Street and Bedford Avenue. The building is a five-story, 30,000 square foot loft conversion. Greystone plans to convert the building into a 36-unit high-end multifamily property, featuring 12 foot ceilings, large windows, central HVAC and a community style rooftop space.

The second property acquired is a vacant development site at 47-51 Bridge Street in Dumbo, Brooklyn. The site will be transformed into a 27-unit ground-up, multifamily rental project with amenities. Both acquisitions were acquired within the last 60-days.

“We believe in the incredible growth occurring throughout Brooklyn as it becomes one of the premier housing destinations in the region,” said Jeffrey Simpson, Director in Greystone’s Property Development business. “The buildings will be developed to provide great New York City quality living, while maintaining and celebrating Brooklyn’s unique and vibrant past.”

The Greystone Property Development team, based in New York, is currently working on a number of projects in prime locations throughout the five boroughs, from the West Village up to City Island in the Bronx.