Greystone is a full-service real estate developer

Since 1992, we have acquired, repositioned and developed over $2 billion in properties nationwide spanning approximately 3.5 million square feet.  Our portfolio is diverse, comprised of condominium, rental, office, retail, mixed use and healthcare properties.

Greystone Development is currently developing 15 real estate projects in premier markets such as New York, Miami, and Palo Alto.

Investment and Development

Greystone Development utilizes a core set of guiding principles targeting investments with low volatility and high returns, resulting in strong performance throughout the economic cycle.   Our success in the industry has fueled our growth and strengthened our strategic partnerships. We oversee the development process from the perspective of an owner and investor and conduct an in-depth market analysis of the risks and rewards and deployment of capital, to meet or exceed investment objectives.  Additionally, we are the development manager for each of our projects, providing consultancy and advisory services, and optimizing our existing network of relationships and resources to maximize the potential return on investment.


Our team of seasoned construction professionals has over 140 years of combined technical expertise and knowledge across a wide range of property types.  From inception to completion, our team is involved every step of the way: pre-construction planning, obtaining entitlements, budget development and execution, scheduling, contract procurement, and close-out.   Using unique methods of extracting value while simultaneously providing the highest standards of quality are the hallmarks of our construction team’s process.

Marketing and Sales

Marketing, sales and leasing for our portfolio is managed directly by our marketing and sales team from inception to completion.   Strategically, relying on a keen awareness of industry analytics and trends is our key to maximizing market share and optimizing absorption.  At the predevelopment phase, our marketing team works in concert with the architects and designer to craft the property in alignment with current demands.

Greystone Development’s investment and development, construction and marketing and sales teams remain fully-integrated throughout the entire life cycle of a project to ensure efficiency and synchrony.

Corporate Headquarters

152 West 57th St.
60th Floor
New York, NY 10019



Miami Office

333 S.E. 2nd Avenue
Suite 2064
Miami, FL 33131



San Francisco Office

1700 Montgomery St.
Suite 130
San Francisco, CA 94111



Chief Executive Officer

Tom is one of the original founders of the group and oversees all aspects of Greystone’s real estate development team from conception to completion.  He is responsible for sourcing and structuring new acquisitions and joint ventures, while also leading the day to day activities, along with managing capitalization, entitlements, design, construction and sale & leasing of the properties.

Tom’s substantial experience in the real estate development business spans twenty-five years, spearheading transactions of over 4 million square feet / $2.5 billion.  His proven track record of producing quality projects of sustained value is a testament to his appreciation of real estate and his eye for detail and design.

Tom brings a universal knowledge of the development process gained from his experience in Single and Multi-family housing, Commercial and Retail Development and Health Care Facilities.

General Counsel

Andrew has general responsibility for all of Greystone Development’s legal matters. As Deputy General Counsel, he oversees the structuring, negotiation and execution of acquisitions, financings, leasing and other development-related activities.  Additionally, he is integrally involved in the company’s corporate and operational affairs and is responsible for the management of outside counsel.

Prior to joining Greystone in 2015, Andrew practiced in the real estate department of Fried, Frank, Harris, Shriver & Jacobson LLP.  He holds a Bachelor of Arts in Political Science from the University of Michigan and a Juris Doctor from The George Washington University Law School.


Vice President of Development

Jared brings 13 years of industry expertise across a variety of disciplines. His experience in design and construction encompasses all phases of development from inception through project completion. Jared’s areas of expertise include NYC Zoning, Design Development, Bid Administration, Construction Administration & Management and interaction with many local and state agencies.

Prior to joining Greystone, Jared was a Development Officer/ Project Executive at The Continuum Company, a privately held real estate development firm based in New York City, whose primary core business is acquisition and development of multifamily residential and retail assets. He has also held a variety of senior positions at major NY architectural firms, including HTO and Stephen Alton Architect, where he managed development of several residential rental, condominium and hospitality projects.

Jared earned a Bachelor’s Degree in Architecture from Pratt Institute in Brooklyn, NY.

Vice President of Operations

Jim acts as Vice President of Operations, currently responsible for the oversight of various properties in New York, spearheading each development from start to close out.  Jim works closely with architects and engineers to coordinate and manage project design, buyout, value engineering, and project schedules.  Jim is highly passionate and committed, focusing on specific requirements to ensure a successful outcome for each development.

Jim has over 25 years of extensive experience in project management and construction where he has overseen over 30 million square feet with an approximate value of over $9 billion. Prior to joining Greystone, Jim was the President of a large construction firm based in Northeast Pennsylvania, leading a team of approximately 150 people.  This role involved directing all phases of multi-million dollar projects, including single-family, multi-family and commercial developments.

Director of Property Operations

Jeffrey leads property management strategy and execution for Greystone Development. He coordinates the transition of all projects from the construction to operations phase. Jeffrey also oversees post-construction operations of all properties within Greystone’s portfolio, including finance, staffing and third-party vendor oversight.

Prior to joining Greystone, Jeffrey worked as a District Manager in the New York office of a leading Florida-based property management company. Prior to that, he served as a General Manager with the largest residential property management company in New York. Jeffrey has worked on openings for several high-profile properties in Manhattan including New York by Gehry, a 900-unit luxury rental building in FiDi, as well as The Plaza Private Residences (formerly the Plaza Hotel).

Jeffrey earned a Bachelor’s of Science degree in Hotel, Restaurant and Institutional Management from Pennsylvania State University.


225 4th Avenue Park Slope, Brooklyn

108 Chambers St TriBeCa

175 W. 10th St West Village, NYC

100 Steuben St Clinton Hill, Brooklyn

531 Myrtle Ave Clinton Hill, Brooklyn

Printhouse Lofts Williamsburg, Brooklyn

Waterbridge 47 DUMBO, Brooklyn

On the Sound City Island, Bronx

The Mile Coral Gables, Miami

2500 Biscayne Blvd Edgewater, Miami

79 Horatio St West Village, NYC

130 East 70th St Upper East Side, NYC

The Northmoore TriBeCa, NYC

Grande Villas Outer Banks, NC

The Club The Villages, FL

Woodmere Rehabilitation and Healthcare Facility Woodmere, Long Island

Metropolitan Place Madison, WI

88 Greenwich Financial District, NYC

75 Broad St Financial District, NYC


Curbed NY

New NYC apartments for rent: Fall 2018

September 4, 2018

Brooklyn’s Fourth Avenue is getting yet another new rental building: Say hello to No. 223, located between Union and President streets, which recently began leasing. The development has just 63 apartments, a mix of studios, one-, and two-bedrooms that will average around 900 square feet. Daniel Goldner Architects designed the 13-story building, which is clad in red brick at street level to echo the existing architecture of the neighborhood, and yellow brick further up—it resembles the material used on the revamped Lyceum, in fact. MNS is handling leasing for the building, with rents beginning at $2,315/month (net effective) for a studio, and rising from there.

Unique Homes

Park slope’s newest rental, no.223, launches leasing

August 31, 2018

Situated near the Union Street MTA station, above Starbucks and next door to Blink fitness, this modern, 13-story building adds 63 meticulously designed rental units, from studios to two bedrooms, to this vibrant neighborhood.

Daniel Goldner Architects, an award-winning firm based in Chelsea, New York, envisioned this truly unique property, one that celebrates the existing red brick architecture in the neighborhood by incorporating the material into a contemporary context. This same consideration to detail is further demonstrated within the property.

Curbed NY

Rental neighboring Park Slope’s Brooklyn Lyceum launches leasing

August 23, 2018

Brooklyn’s Fourth Avenue is getting yet another new rental building: Say hello to No. 223, located between Union and President streets, which begins leasing this weekend.

Greystone Development, which is behind the project, has been working to bring a rental to the site since 2015, and until recently, also owned the Brooklyn Lyceum next door. The firm used air rights from the Lyceum to build bigger, but ultimately sold the landmarked building earlier this year for around $10 million.

Curbed NY

Long Island City’s thousands of incoming apartments, mapped

June 4, 2018

Long Island City is changing at a rapid clip—so fast, in fact, that a 2017 study found that the once-industrial neighborhood has given rise to more new apartments since 2010 than any other neighborhood in the country. The exact number of incoming apartments is a little hard to pin down, and always changing, but with an eye to the neighborhood’s skyline, it’s impossible to deny that Long Island City is on fire.

Mann Report Residential

On the Sound: The Ultimate Stay-Cation

June 1, 2018

While weekends in the Hudson Valley and Long Island are always a great choice, just getting there can be a pain; and so many New Yorkers don’t even realize that you don’t need to leave the city (or break the bank) to escape the city. City Island is the perfect location for a day-trip, weekend getaway, or permanent home away from the hustle and bustle typically associated with New York City. Known for its seafood restaurants, City Island sits along the Long Island Sound and boasts more than 30 restaurants, including big ones like the Lobster Box and smaller, more eclectic places like Artie’s Steak and Seafood, the City Island DinerBistro SK, and the Black Whale.

City Realty

Greystone's Thomas Ryan on Developing Inside and Outside the Island of Manhattan

May 9, 2018

CEO of Greystone Development Thomas Ryan isn’t afraid of a barrier to entry. The company’s lead developer is currently overseeing projects across the island of Manhattan and its outer boroughs including Brooklyn, Queens, and The Bronx, not to mention a slew of completed projects in Florida, North Carolina, and Wisconsin.

Greystone Development’s current Manhattan projects include 175 West 10th Street in the West Village, Harlem 125 in East Harlem, 108 Chambers in Tribeca, and 164 West 74th Street on the Upper West Side. Outside Manhattan, the firm’s New York footprint includes On the Sound, the first large-scale condominium development in City Island, Bronx in more than 15 years; Myrtle & Steuben, rental buildings in Clinton Hill, Brooklyn; 223 4th Avenue, a rental property in Park Slope, Brooklyn; and 24-16 Queens Plaza South in Long Island City.

Real Estate Weekly

New boss looking at old haunts as Greystone Development moves forward

May 8, 2018

While most developers and companies are focused on luxury development in New York City, Thomas Ryan feels versatility in team ability and project location are the keys to Greystone Development’s success.

Ryan, who’s been working at Greystone Development since 1999, was recently promoted to the group’s CEO. He takes over for Jeff Simpson, who’s served as CEO since 2013 and is now moving on to create his own real estate investment firm.

Curbed Miami

2500 Biscayne launches leasing in Edgewater

October 2, 2017

2500 Biscayne has launched leasing with the upcoming 156-unit apartment complex in Edgewater expecting to open its doors some time in the fall.

Developed by New York-based Greystone Development and Alta Developers, the project is comprised of one- and two-bedroom units that feature open floor plans, quartz countertops, stainless steel appliances, and walk-in closets.

The Real Deal

Greystone shooting for $61M sellout at UWS condo conversion

September 28, 2017

Greystone Development is transforming a former drug rehab center into 14 luxury condominiums at 164 West 74th Street, and hoping to sell them out for a total of $61 million, according to an offering plan filed with the New York state Attorney General’s office last week.

Connect Media

Harlem 125 Leasing Quickly

September 8, 2017

Nearly two-thirds of the market rate apartments already have signed leases at Harlem 125, a new apartment building in Manhattan’s Harlem neighborhood.

“This is a major corridor of the city that has screamed for development,” said Jeffrey Simpson, head of Greystone Development. “Over the next five years it’s really going to wow people.”

Bronx Times

On The Sound’s Open House Celebration

August 26, 2017

Greystone Development hosted an open house for On the Sound, a newly constructed waterfront residential development and first large-scale condo development in City Island in more than 15 years, on Thursday, August 17 at 226 Fordham Place.

City Realty

Greystone's Harlem 125 is 50% Leased; 2 Months Free Rent on Remaining Units

August 17, 2017

Less than two months after Harlem 125 (69 East 125th Street) made its debut, the rental building developed byGreystone and designed by Kutnicki Bernstein Architects is over 50% leased. The development comprises a seven-story tower along 126th Street and a 12-story tower fronting 125th Street for a total of 75 apartments.

The remaining apartments are available for immediate occupancy and come with an offer of 2 months free rent.

Real Estate Weekly

New Development

July 28, 2017

Greystone Development announced the official start of leasing for Steuben, at 100 Steuben Street in Clinton Hill, Brooklyn.

Steuben is the second of a pair of new luxury rental buildings developed by Greystone. The first, Myrtle, located around the corner at 531 Myrtle, launched leasing in January 2017 and is fully occupied.


Peek Inside Park Slope’s Newly Restored Brooklyn Lyceum and Public Bath

July 17, 2017

By Susan De Vries

The Brooklyn Lyceum will once again pulse with strenuous activity when it begins a new life as a Blink Fitness later this month. Originally built as NYC Public Bath No. 7, the formerly crumbling building at 227 4th Avenue is now gleaming after a major exterior restoration project. A preview of the interior showed a significant transformation.


Developer Greystone purchased the historic structure in 2014, and also owns the property next door at 225 4th Avenue. Greystone was able to transfer about 20,000 square feet of development rights from the Lyceum to the formerly empty lot next door and build bigger there. A 12-story luxury rental designed by Daniel Goldner Architects is under construction and will wrap in early 2018.

Brooklyn Paper

Splashy debut! Renovations conclude at century-plus-old P’Slope bathhouse

July 12, 2017

By Colin Mixson

Talk about freshening up!

Park Slope’s historic bathhouse emerged from behind scaffolding on July 7 after a year-plus-long renovation of the turn-of-the-century facility — which could not have come at a better time, according to a rep for the developer.

City Realty

A Look Inside Harlem 125 as the New Rental Debuts on Harlem's Main Street

June 21, 2017

Spanning Upper Manhattan from the Hudson River to the Harlem River, 125th Street is home to buildings with rich history like the notable Apollo Theater, and also to new developments including a massive, 200,000-square-foot commercial building that will soon host a Whole Foods and other chain retailers. Within proximity of the evolving streetscape, newly constructed or redeveloped rental buildings have opened too, like 6 West 126th Street and 92 Morningside.

The latest to open, called Harlem 125, sits directly on the thoroughfare at 69 East 125th Street and launched leasing in May; within one month, it was 25% leased. Various layouts are still available and as added appeal, listings offer 1 month free on leases for all units, which are priced from $1,994/month.

Palo Alto Weekly

Long-Awaited College Terrace Market Opens for Business

June 19, 2017

The long-awaited College Terrace Market, which offers products from local food manufacturers and farmers, opened in Palo Alto on Wednesday.

Co-owner Chris Iversen said that although Wednesday was a soft opening, based on word of mouth, the day far-surpassed expectations.

College Terrace Market’s mantra is “Whole Foods quality with Trader Joe’s prices,” according to Iversen.

Real Estate Weekly

Greystone Launches Harlem125 Leasing

May 18, 2017

Greystone Development announced the official start of leasing today for Harlem 125, at 69 East 125th Street in East Harlem.
Encompassing four adjacent lots on 125th and 126th Streets between Park and Madison Avenues, Harlem 125 has 75 new residences.
Designer by Kutnicki Bernstein Architects, the development is comprised of two adjoining towers, a boutique seven-story tower fronting 126th Street and a 12-story tower on 125th Street. The rental building includes studio, one-, two-, and three-bedroom units; many with outdoor space.



First Look Inside Greystone's Boutique West Village Condo on a Triangular Lot

May 15, 2017

Just over a year after sales got underway, Greystone Development has released interiors images of its boutique West Village development. Located at 175 West 10th Street, the condo building comes with just five full-floor apartments, including a duplex penthouse that comes with three outdoor spaces.

At present, two apartments there are listed on StreetEasy. A second floor condo that’s asking $5.99 million, and a fifth floor apartment that wants $7.2 million. Designed by BKSK Architects, each of the apartments here come with three bedrooms and measure anywhere between 2,700 square feet to just over 3,000 square feet.

City Realty

New Harlem Rentals Debut on 125th Street; Apartments from $1,994/Month

May 15, 2017

The anticipated Harlem 125 rental residence has made its debut, officially launching leasing for its 75 apartments on the 125th Street corridor. Homes have up to two bedrooms and leases offer 1 month of free rent, with studios starting from $1,994/month, 1 bedrooms from $2,108/month and 2 bedrooms from $3,231/month. Harlem 125 is at 69 East 125th Street between Park and Madison Avenues in East Harlem and rises as two adjoining towers, reaching 12 stories on 125th Street and 7 stories on 126th Street.

Multi-Housing News

Harlem 125 All Set for Opening

May 5, 2017
The newly developed residential building features studios and one-, two- and three-bedroom units designed to immortalize the spirit of Harlem through top-notch visual elements.

Rendering of 125 Harlem, New York City

Rendering of 125 Harlem, New York City

Greystone gave the green light to Dave Maundrell of Citi Habitats New Developments to lease its latest development, Harlem 125. Located in Manhattan’s East Harlem neighborhood, the structure comprises two connected towers on four adjacent lots.

New York Post

Spring Fling: The 48 Tristate Developments Hitting the Market Now

May 4, 2017

These days, 125th Street in Harlem is thriving. And this week, a two-building rental located right along the strip blasted off with leasing. This 75-flat residence is located at 69 E. 125th St. It has a courtyard, on-site parking, a fitness center with outdoor space, a roof terrace and a virtual doorman. Units, which start at $1,994 per month, will be a mix of studios, one-, two- and three-bedrooms. Greystone Development is behind Harlem 125, while Kutnicki Bernstein Architects and Lauren Jayne Designs round out the design team.


Uptown Rental with Harlem Renaissance-Inspired Art Hits the Market

May 2, 2017

Less than two months after offering up its affordable rentals, leasing is now underway on the market-rate units at Harlem 125, a new two-building rental project located at 69 East 125th Street.

The project features a total of 60 market-rentals that come in studios through three-bedrooms, and many of them have outdoor space. Prices on the currently available apartments range from $1,994 for a studio to $3,345 for a two-bedroom, two-bathroom unit, according to Citi Habitats, which is exclusively handling leasing on the property.


Clinton Hill's Newest Rental Building is Now 70% Leased

April 21, 2017

Just three months after kicking off leasing, Clinton Hill’s sleek new rental building, Myrtle at 531 Myrtle Avenue, has leased 70% of its apartments. Developed by Greystone Development and designed by the modernists at AB Architekten, the 29-unit building is the first of a two-building venture known collectively as Myrtle & Steuben.


Greystone Development's Curvy LIC Rental Tower Begins Construction

April 17, 2017

Greystone Development has begun construction on a 23-story, 117-unit rental tower in booming Long Island City. The 105,000-square-foot venture will be the firm’s first in Queens and is sited at the foot of the Ed Koch Queensboro Bridge at 24-16 Queens Plaza South. Greystone acquired the property for $23 million last year according to the Real Deal.


Signage Approved by Landmarks for Transformation of Brooklyn Lyceum Into a Gym

April 17, 2017

By Evan Bindelglass

Nearly two years after the Preservation Commission approved the conversion of the Brooklyn Lyceum into a gym, the commission has approved the signage for the fitness facility.

The building is 227 Fourth Avenue, located at the northeast corner with President Street, in . The two-story structure was designed by Raymond F. Almirall and built between 1906 and 1910 as Public Bath No. 7. It was designated an individual landmark 1984.


Brooklyn Lyceum Shows Its Restored Facade as Luxury Apartments Rise Next Door in Park Slope

March 28, 2017

By Susan De Vries

Scaffolding and netting that shrouded the crumbling Brooklyn Lyceum for years have come down, revealing a beautifully restored facade as a 12-story luxury rental building goes up next door at 225 4th Avenue.


Where to Find Affordable Housing in NYC

March 24, 2017

#2: Harlem 125

The 12-story rental on East 125th Street between Madison and Park avenues in East Harlem has launched the lottery for its 15 affordable studios, one-, and two-bedrooms. Units within the Greystone Development project will have interiors by Lauren Jayne Design. Pricing will go as follows: a studio apartment will rent from $659/month for individuals making $30,240-$38,100 annually; one-bedrooms are going for $654 for those making $32,400-$43,500; and two-bedrooms are renting for $797/month for people making $38,880-$54,360. The application period ends on March 29.

Commercial Observer

Brooklyn Style: The 7 Interior Designers to Watch in Kings County

March 8, 2017

By Liam La Guerre


Pratt Institute alumnus Lauren Williams’ boutique interior design firm is three years young, but that just means it embodies the startup, entrepreneurial spirit behind some of the best design work in Brooklyn.

After a stint at Soho-based design firm Meyer Davis Studio—during which she worked on the upscale, beachfront 1 Hotel South Beach, among other projects—Williams founded Lauren Jayne Design and had success working on single-family residential projects.

But she has also recently ventured into multifamily projects, with Greystone Development tapping Lauren Jayne to handle the interiors at its new residential building at 531 Myrtle Avenue in Clinton Hill. Williams has apparently found a regular client, as she is also doing the interiors for Greystone’s Harlem residential development at 69 East 125th Street.

“As a Pratt alumni, this project hit home for me,” Williams said of 531 Myrtle Avenue, which is located only a block away from her alma mater. “We have completed interiors in Aspen, Miami and New York City, but this was the first opportunity in Brooklyn. I love Clinton Hill’s youthful vibe.”

Williams said the firm is now trying to break into the hospitality sector, with current projects including a lounge in Miami Beach and a renovation of The Skylark rooftop cocktail lounge in Times Square.


New NYC Apartments Hitting the Market: Spring 2017

March 7, 2017

By Amy Plitt, Zoe Rosenberg, Ameena Walker and Tanay Warerkar 

Harlem 125 and Myrtle & Steuben featured in Curbed’s roundup of new developments in NYC.

The Real Deal

High Demand for Multifamily Housing Pushes Progress on Long Island

March 1, 2017

By Matthew Egan

What are the biggest obstacles to creating multifamily projects in the suburbs? The factors can be more challenging when you build outside of New York City. This is all-encompassing, if you are developing multifamily or condo in a neighborhood where this is a unique type of dwelling, where, for instance, the norm may be stick-built homes, there is a certain adjustment period for the local agencies.

What are some of the design concerns of these kinds of developments? We aim to maximize the footprint for optimal light and air, ensuring the living space is commensurate to bedroom count, while also maintaining the appropriate proportions for the sleeping quarters. Those common spaces are especially important to a family, and we try to maximize space and design for all uses of the property.

What are some of the things you consider when determining the amenities that will be built as part of a new project? Has that changed over the years? There is a certain level of service and convenience that residents look for when they decide to live in a condominium or multifamily development in the suburbs. Additionally, we have found people appreciate and expect things like parking, a pool, gym and a lounge. These amenities lend themselves to creating a sense of community within the development as well. 


Real Estate Weekly

Who's News

February 16, 2017

Greystone Development announced the appointment of Christopher Britt as head of its new construction company affiliate, Greystone Builders.

Britt will be responsible for the oversight of properties, including spearheading day-to-day operations, and optimizing conditions to maximize timely and cost-effective delivery of the properties.

Skyrise Cities

Diversity on Display at 2500 Biscayne Boulevard

February 16, 2017

By Marcus Mitanis

A 20-storey Miami highrise approaching completion presents a diverse and multi-faceted aesthetic to the public.

Today’s Daily Photo by Forum contributor PhillipPessar shows the preserved heritage facade that anchors the residential tower to its address at 2500 Biscayne Boulevard, combined with its rows of red-painted balconies.

The Real Deal South Florida

Greystone Tops Off Apartment Tower Near Coral Gables

January 23, 2017

By Katherine Kallergis

Greystone Development has topped off a 14-story, mixed-use apartment tower just east of Coral Gables. 

The Aura, a 96,550-square-foot, 100-unit building, includes 6,400 square feet of retail on the ground floor. Greystone hired CBRE’s the Diaz Team to lease the retail space, according to a press release.

The project, at 1501 Southwest 37th Avenue, is on the border of Coral Gables and the city of Miami. The building was designed by Borges + Associates Architects and will feature a swimming pool, spa and sun terrace, gym, lounge and garage. One- and two-bedroom apartments will each have balconies.

Multi-Housing News

Greystone Completes Brooklyn Community

January 24, 2017

By Dees Stribling

Leasing has kicked off at 531 Myrtle, an apartment property on Myrtle Ave. in the Clinton Hill neighborhood of Brooklyn. 531 Myrtle is the first of two rental buildings known as Myrtle & Steuben, which are nearing completion by Greystone Development on the intersection of the same name.


Profile: Jeff Simpson

January 19, 2017

By Emily Nonko

Jeff Simpson, the CEO of Greystone Development, is due to celebrate his ten year anniversary with the company this February. In his decade with the real estate firm, founded in 1992, he has overseen Greystone’s reemergence into the New York market by tapping into emerging neighborhoods around the city. Before he joined Greystone, Simpson worked with the Equity Office Properties team, helping reposition a number of their New York City office buildings, and oversaw over $100 million of redevelopment projects for Jones Lang LaSalle.

Simpson has more or less done it all when it comes to real estate, holding roles in investment, construction, engineering and management across all sectors of the market. At Greystone, he oversees the firm’s development team, managing new acquisitions as well as design, construction, sale and leasing. CityRealty spoke with Simpson on how the company has distinguished itself as a New York developer since it ramped up its investments in 2012, taking on projects in City Island, Brooklyn and Harlem. He also filled us in on new projects the company will debut next year—and the one development that’s most meaningful to him.

Crain’s New York

19 Ways to Make Money in Real Estate

January 15, 2017

By Dan Geiger


Yes, there is a glut of luxury rentals sprouting up on Manhattan’s West Side, in Long Island City and in downtown Brooklyn. But elsewhere, demand is strong and supply is short. “Neighborhoods like Midwood and Prospect Lefferts Gardens in Brooklyn and Harlem in Manhattan don’t have a lot of newly built rental product and are great places to build at the right price point,” said Jeffrey Simpson, CEO of Greystone Development. Developers used to rely on 421-a tax abatements to help finance rental projects, an incentive that expired at the start of 2016. But land prices have begun to fall recently, making some market-rate rental projects feasible again, Simpson said. A revised 421-a program, reportedly in the works in Albany, would be an added bonus for those who buy land now.


Teaser Site Launches & Reveals Name for New Clinton Hill Rental Duo, Myrtle & Steuben

January 10, 2017

In anticipation of its grand opening, a new two-building rental development in Clinton Hill has revealed its name, and also launched a leasing registration site for the new “stylish studio to three bedroom rentals.” Collectively known as Myrtle & Steuben and named after the intersecting streets closest to them, the respective buildings are addressed as 531 Myrtle Avenue and 100 Steuben Street. The registration site entices users to sign-up to get a reserved spot at a grand opening event, but no date is given. We’ll continue to patiently wait for the official opening of the buildings to be announced.

Palo Alto Weekly

College Terrace Centre Set to Open Soon in Palo Alto

November 1, 2016

By Sue Dremann

High above El Camino Real, a garden of flowers, grasses and sedges blooms atop the newly constructed College Terrace Centre, which features a living roof and other environmentally friendly amenities.

On a recent afternoon, stacks of pavers awaited placement on an elevated rooftop floor, and construction workers put the finishing touches on the exterior of an elevator. The view, facing the Santa Cruz Mountains on the opposite side of the three-story building, was stunning.

This rooftop garden, with nine species of plants in a state-of-the-art gardening system, uses recycled water cached from rainwater in a 50,000-gallon underground cistern. It is transported through a piping system up to the living roof and can also be used to flush toilets.

Tribeca Citizen

October 3, 2016

By Erik Torkells

When a reader emailed that a construction worker at 108 Chambers (where Imperial Coffee House was) said the new building will house a Starbucks and a Vitamin Shoppe, I responded that it seemed unlikely because the old building hasn’t even been fully torn down and there are two other Starbucks within coffee-spitting distance. I was wrong.

Dan’s Papers

Sag Harbor Will Likely Get Its Waterfront Park

September 29, 2016

By Dan Rattiner

“…the developers proposed something completely unique and absolutely sensational, in my view. The Village would get the whole park. The developers would get their proposed building waterfront but it would not impinge on the park. In fact, ALMOST ALL OF IT WOULD NOT EVEN overlook the park. An understanding of the site model they brought to this meeting shows how this magic was done.”


Landmarks Approves Changes For Residential Conversion Of 164 West 74th Street, Upper West Side

September 28, 2016

By Evan Bindelglass

Two months ago, YIMBY got a glimpse of the dramatic changes proposed to convert an Upper West Side community facility into a residential building. Last Tuesday, the Landmarks Preservation Commission approved those changes to 164 West 74th Street.

The eight-story Beaux Arts building is located between Amsterdam Avenue and Columbus Avenue. It was designed by Buchman & Fox and constructed between 1901 and 1902 as a hotel. It was eventually converted into apartments and dubbed Marbury Hall. It fell under the LPC’s jurisdiction in 1990, when the Upper West Side/Central Park West Historic District was designated. Most recently, it was used by the drug and alcohol rehabilitation nonprofit Phoenix House, and had been dubbed the Jack R. Aron Center.


Art Moderne-Inspired Design Revealed For Vertical Extension Of 24-16 Queens Plaza South, Long Island City

September 7, 2016

By Vitali Ogorodnikov

Last week, YIMBY reported on the start of construction work for the high-rise expansion of the pre-war building at 24-16 Queens Plaza South in Long Island City. The project, spearheaded by Greystone Development, would boost the existing five-story structure to 22 floors. Today, we bring you the first renderings, made available via the brand new on-site project board. The design by architecture firm Woods Bagot appears to draw inspiration from Art Moderne, an early modern style that complements its pre-war foundation.


Preparation Starts For 17-Story Extension Of Pre-War Building At 24-16 Queens Plaza South, Long Island City

September 1, 2016

By Vitali Ogorodnikov

In formerly industrial Long Island City, most new developments start with a blank state. Some projects, such as the Dutch LIC, Factory House, and 42-14 Crescent Street pay homage to the district’s past via design cues. Other developments, such as 29-37 41st Avenue, 23-10 Queens Plaza South and 43-22 Queens Street, incorporate new towers alongside existing pre-war structures. The project at 24-16 Queens Plaza South takes preservation in a slightly different direction. There, Greystone Development reimagines the façade of the five-story, pre-war commercial building as the base for a new residential tower. The 22-story building at the foot of the Queensboro Bridge will be designed by the Midtown-based firm Woods Bagot. The ground level will be anchored by a 3,863-square-foot retail space, with 117 residential units to be stacked above. The existing property sat unused for some time, and construction scaffolds rose around its perimeter earlier this month.

New York Post

This Island is New York City's Best-Kept Secret

August 25, 2016

By Hana R. Alberts

The Bronx’s best-kept secret isn’t lion cubs at the zoo, rare blossoms at the botanical garden or Italian restaurants on Arthur Avenue. It’s a neighborhood called City Island that takes up less than half a square mile in the borough’s northeastern corner.

New Yorkers are flocking to the nautical nabe, known primarily for its seafood restaurants and marinas, for affordable real estate and a quaint community vibe. New residents — or “mussel suckers,” as natives (“clam diggers”) call them — include young families moving from Brooklyn and Manhattan looking for bigger homes, as well as empty nesters downsizing from tonier locales in Westchester or Long Island.

The Pertsovskys recently bought a three-bedroom, 3½-bathroom at On the Sound, the first new real-estate development on City Island in more than a decade. Thirteen of 43 units on the waterfront site, which have access to a gym, a clubhouse lounge, a pool and an outdoor esplanade, are still available, according to Jill Preschel, vice president of marketing of On the Sound developer Greystone. They range from $770,000 to over $1 million.

“When I wake up and walk the dog and go down to the diner, it feels like I am on vacation,” says Laura Clemente, an agent with McClellan Sotheby’s International Realty. She not only sells On the Sound properties but also moved there in July with her husband — giving up a larger house in Westchester’s Pelham Manor.

New developments like On the Sound are rare in the enclave, where real-estate listings are dominated by resales of charming older houses: bungalows, Victorians, cottages. For example, an adorable green-and-yellow two-bedroom at 369 City Island Ave. is on the market for $459,000, repped by broker Teddy Montee of DJK Residential — a mussel sucker himself as of 2014. There are swankier properties, too, like a two-bedroom duplex condo with updated appliances in a gated community at 3 Deepwater Way, asking $625,000, from Douglas Elliman’s Charles G. Brophy.


August 25, 2016

Wallpaper* includes Greystone’s 175 West 10th Street in its slideshow of luxury NYC residential developments.


Greystone Development: New Year, New Strategy

August 24, 2016

By Rayna Katz

Looking at Greystone Development’s properties, one might see a range of property and location types in the portfolio. That’s no accident, company head Jeff Simpson tells GlobeSt.com. While the firm likes creating multifamily properties in major markets, it invests in other asset classes and would consider secondary cities, he says, noting, “It’s all about the opportunity.”


How Greystone Has Created a Market-Proof Portfolio

August 22, 2016

By Benjamin Mazzara

Even the idea of developing or investing in a luxury condo development raises eyebrows these days. But NYC-based real estate development, lending and advisory company Greystone Development has been able to make the most of its luxury rental and condo portfolio quarter after quarter, and has even begun to expand its holdings in NYC, Miami and, most recently, Silicon Valley. According to CEO Jeffrey Simpson, there are multiple keys to Greystone’s success in NYC’s suddenly shaky market.


First Look At The Conversion Of An Upper West Side Rehab Into Condos, 164 West 74th Street

August 18, 2016

By Rebecca Baird-Remba

Prime Rok Real Estate and Greystone Development purchased the eight-story, Beaux-Arts building at 164 West 74th Street for $26.8 million in February from drug and alcohol rehab nonprofit Phoenix House. Now, the two companies are converting the building, between Columbus and Amsterdam avenues in the Upper West Side/Central Park West Historic District, into condos.

The front of the building features elaborate crests above the windows and marble, Ionic columns framing the doorway, and the developers plan to restore it and keep it exactly the same. The Landmarks Preservation Commission will have to approve their plan for the front of the building, but they hope to dramatically transform the rear facade, which can be changed without permission from the full commission. PR reps for the development team have sent along an initial sketch of the back of the building, which will be pulled back about 30 feet and reconstructed into a chevron shape.

The design, from architect Barry Rice, is inspired by the turn-of-the-century facade and ornate Upper West Side residential buildings like the Ansonia and the Apthorp. The condo plan doesn’t have approval from the attorney general’s office yet, but the builders hope to carve out 14 apartments, with duplex penthouses on the seventh and eighth floors. Non-penthouse units will likely be priced at under $5 million, according to Jill Preschel at Greystone, but the duplexes will probably be more.

City Realty

BKSK's Boutique West Village Condo at 175 West 10th Tops Off, Full-Floor Homes from $5.9 Million

July 11, 2016

By City Realty Staff

Rising from the Seventh Avenue site once home to Veranda restaurant/nightclub, Greenwich Village’s latest condominium, 175 West 10th Street, has reached its apex. Developers Continental Ventures, Itzhaki Acquisitions, and Greystone Property Development tapped award-winning firm BKSK Architects to design the 7-story low-rise.
The building rises from a unique triangular site between Charles and West 10th streets within the beloved Greenwich Village Historic District. While contextual in scale, the building boasts an energetic facade of deeply inset windows of varying widths topped by a glass-encased penthouse. Inside are just five floor-through 3-bedroom apartments, four of which are now for sale starting from $5,995,000.

City Realty

Clinton Hill's 531 Myrtle Avenue Gets its Sleek Facade, Leasing to Begin This Fall

July 5, 2016

By City Realty Staff

In Brooklyn’s Clinton Hill neighborhood, a modern five-floor rental building developed by Greystone Development and designed by AB Architekten is wrapping up construction. The ground-up building at 531 Myrtle Avenue replaces a White Castle fast-food restaurant and is located near Pratt Institute’s main campus, along the neighborhood’s revived retail corridor. Also nearby is the forthcoming Myrtle Avenue Pedestrian Plaza. The residential project topped off earlier this year and is currently enclosed in a sleek facade of metal panels and expansive windows, many of which are operable.

Curbed NY

City Island’s First New Condos In 15 Years Show Their Interiors

July 5, 2016

By Zoe Rosenberg

The quiet Bronx enclave of City Island is set away from the hustle and bustle of much of the city, and at that, the idyllic island is slow to change. So when developer Greystone announced that it would be bringing City Island its first new large-scale condos in 15 years via a gated development called On the Sound, it came as a shock—but a well-received one at that. Sales of On the Sound’s 43 townhouse-style apartments kicked off in February 2015, and to-date nearly 70 percent of the condos have sold.


Checking In On 69 East 125th Street In East Harlem

June 27, 2016

By Rebecca Baird-Remba

The 12-story rental building at 69 East 125th Street in East Harlem is getting close to its full height. The developers have sent along shots of the construction, which has reached the 11th floor along 125th Street.

The development has risen fast since the foundation was poured in February. Construction kicked off towards the end of last year, and it’s set to finish in the spring of 2017. The building is split into two towers, and the structure for the shorter, north tower has hit six stories. Since the 126th Street side of the project is supposed to be six stories plus a penthouse, it’s close to topping out as well.

The finished complex will hold 75 apartments, divided across 57,300 square feet. The units will consist of full-floor and half-floor apartments, and 20 percent of them will be rented for below-market rates. The developer, Greystone, broke ground last year before the old 421-a tax break expired, and the building will be exempted from property taxes for at least 15 years. The firm could also have taken advantage of a floor area bonus, but they were unable to use it because zoning limits the heights along 125th and 126th streets.

South Florida Business Journal

Greystone to Build Apartment Complex with Retail

June 23, 2016

By Brian Bandell

Greystone obtained a $22 million construction loan to build a 100-unit apartment complex on the west side of Miami.

The general contractor is Civic Construction Co. The 14-story apartment tower, designed by Borges and Associates, should be open in the first quarter of 2018. The project will also have 11,000 square feet of ground-floor retail.

Metro NY

Inside Look: City Island’s First Large-Scale Condo Development in Years Attracts New Residents

June 15, 2016

By Cristabelle Tumola

Unlike other areas of the city, which are used to new developments popping up in the last decade or two and changing the landscape, City Island is in the process of completing its first large-scale condo development in nearly 15 years.

City island hasn’t had any major development in about 30 years, according to Sona Davidian, project representative of On the Sound.

Located at 226 Fordham Place with views of Long Island Sound, On the Sound consists of 43 townhouse-style condominiums situated within a private gated community.

Metro NY

Inside Look: Six spa-like bathrooms that can make any New Yorker relax

June 1, 2016

By Cristabelle Tumola

175 West 10th St.

This full-floor apartment, within a boutique condominium building, features three bedrooms and three-and-a-half-baths in 2,702 square feet.

Listed for $7 million, the home’s five-piece master bath was “designed to offer serene, spa-like experiences.” Those details include Calacatta Creme marble walls, and a soaking tub and glass enclosed shower. There is also a customized double vanity and pendant lighting.

The guest baths and powder room also didn’t skimp on luxury details, featuring fixtures from Waterworks, custom vanities and tile, and imported marble flooring.

Curbed NY

'Exclusive' West Village Condo on a Triangular Lot Launches Sales From $6.6M

May 13, 2016

By Ameena Walker

Sales at 175 West 10th Street, once known as 130 Seventh Avenue South, have launched. After clearing hurdles from the community board and Landmarks Preservation Commission, the razed West Village site is now home to a pricey, exclusive condo building.

The New York Times

Moving to the Bronx

May 27, 2016

By CJ Hughes

The number of home sales in the Bronx soared in the first quarter of this year by 35 percent, far outpacing Manhattan, Brooklyn, and Queens.

More condos are on their way, such as on City Island, where On the Sound, a five-acre waterfront complex from the developer Greystone, has sold 29 of its 43 units since February 2015, according to Sona Davidian, an owner of McClellan Sotheby’s International Realty, which is handling sales.

The average sales price has been $355 a square foot, said Ms. Davidian, who added that the units still available start at $698,000 for a three-bedroom. Move-ins start this week.

Brick Underground

A Townhouse With A View of the Long Island Sound — For Under A Million

May 13, 2016

Let’s dispense with the caveats upfront: So, technically, this week’s Escape Pick is within the five boroughs, but this condo in the Bronx—specifically on City island, a Bronx enclave reachable via a bridge off I-95—feels about as far from midtown Manhattan as Mystic, Connecticut, or any other seaside New England town it resembles.

New York Post

New York’s 44 Best New Places to Live Right Now

April 14, 2016

By Zachary Kussin

Big buildings aren’t for everyone — some buyers look for a more boutique feel. If you’re one of them, and if you’re looking to live in a prime West Village location, check out this five-unit project that comes to market this month. The second through fifth floors house four full-floor units measuring about 2,700 square feet apiece, while the sixth and seventh floors will house a duplex penthouse occupying over 3,000 square feet. All homes will have private outdoor space, oversized windows, oil-finished oak floors and Gaggenau appliances in the kitchens. Want more? The building will also provide access to a Luxury Attache concierge and a virtual doorman. Prices begin at $6.6 million, with completion slated for the end of the year.

The New York Times

Condos on a West Village Triangle

March 11, 2016

By Jane Margolies

The first design for the building was too industrial-looking. The second was too glassy. But the third was just right.

At least that’s how the design progressed for the seven-story condominium rising at the intersection of Seventh Avenue South and West 10th Street.

The site for the building, now known as 175 West 10th Street, is a small triangle that was created when Seventh Avenue was extended on a diagonal south from Greenwich Avenue in 1919, slicing through city blocks and leaving irregularly shaped lots on either side. Originally known as 130 Seventh Avenue South, the site is just over 2,900 square feet, with its longest side on the commercial thoroughfare.

Crain’s New York Business

Developer Buys Five-Story Long Island City Office Building for $23 Million

March 11, 2016

By Daniel Geiger

Greystone Development is tackling its first project in Long Island City, Queens.

The real estate investment firm purchased a five-story office building at 24-16 Queens Plaza South for $23 million with plans to redevelop the property into a 100,000-square-foot residential rental tower. Greystone plans to preserve the existing building at the site and add 18 stories on top of the property, according to Jeffrey Simpson, who heads Greystone Development.

“We like the existing building,” Simpson said. “It maintains the character of Long Island City, and we think it’s nice to have a project that offers a link between the neighborhood’s heritage below and a modern structure above.”

Commercial Property Executive

El Camino Real Mixed-use Project Gets New Partner

January 22, 2016

By Alex Girda

New York City-based real estate company Greystone recently acquired a sizable stake in an emerging development venture in The Golden State. College Terrace Centre in Palo Alto is a prime mixed-use development project that offers close proximity toStanford University and the Caltrain commuter rail line.

Greystone is now part of a partnership with Clara E. Chilcote Trust. The deal was brokered by Chris Jafarieh and Nicole Jadelrab of Blaqk Diamond Group.

Multi-Housing News

Jill Preschel Joins Greystone’s Development Team as Vice President of Marketing

January 21, 2016

In her new role, Preschel will spearhead marketing and sales for Greystone Development’s residential properties.

Greystone, a New York-based real estate development, lending and advisory company, announced that Jill Preschel has joined as vice president of Marketing for the Greystone Development team. Based in New York, Preschel reports to Jeffrey Simpson, head of Greystone Development, which has repositioned and developed over $1 billion in real estate and has a current portfolio of approximately $1 billion comprised of commercial and residential properties. In her new role, Preschel will spearhead marketing and sales for Greystone Development’s residential properties.

South Florida Business Journal

Luxury Apartment Development Sells for $48 million

December 22, 2015

By Emon Reiser

New York-based Greystone & Co. and South Florida’s ALTA Developers have sold The Mile, a 120-unit luxury apartment project, for $48 million.

The 13-story development at 3622 S.W. 22nd St. in Miami was co-developed by the sellers. The buyer was Monogram Residential Trust Inc., a real estate investment trust based in Plano, Texas. The off-market deal was arranged by HFF.

The Real Deal

Monogram pays $48M for The Mile apartments near Coral Gables

December 22, 2015

By Katherine Kallergis

A joint venture between Greystone Property Development and Alta Developers has sold a luxury apartment tower in Miami for $48 million or $400,000 per unit, county records show.

Monogram Residential Mile LLC, an affiliate of Monogram Residential Trust, bought the 13-story tower, at 3622 Southwest Coral Way near Coral Gables. The Plano, Texas-based real estate investment trust also bought a newly completed apartment complex in downtown Boca Raton for $82 million in September.


Curbed Hamptons

Greystone Releases Robert AM Stern Renderings for Sag Harbor Condos

December 1, 2015

By Laura Euler

Greystone Property Development has released renderings by Robert AM Stern Architects for its planned One Ferry Road condo development in Sag Harbor. 11 units, each 2,500-3,000sf, would all offer water views with a luxury boutique aesthetic. Greystone hired Robert AM Stern because the firm has a track record in the Hamptons.

The Real Deal

Robert A.M. Stern-designed condos could come to Sag Harbor

November 30, 2015

By Konrad Putzier

Greystone Property Development is looking to bring Robert A.M. Stern-designed condos to Sag Harbor, in what would be its first Hamptons Project.

This week the New York-based developer released first renderings for the 11-unit waterfront project at 1 Ferry Road, which is still awaiting planning approval. Greystone’s joint venture partner is local developer Michael Maidan.

“Many of our deals are kind of where an opportunity is presented to us,” said Greystone Property Development’s CEO Jeff Simpson. “This was one where we had an opportunity to go in a joint venture structure with someone who has been in that space for a few years.”


New Look: 175 West 10th Street, West Village Condos

October 15, 2015

By Rebecca Baird-Remba

The Landmarks-approved condo project rising at 130 Seventh Avenue South in the West Village has a teaser site, a new address, and a new rendering. Now, the seven-story development between West 9th and 10th Streets will be known as 175 West 10th Street.

The latest image offers a close-up view of the new building, which has a traditional red-brick facade broken up with large, irregularly spaced sets of windows. An 85-foot-wide retail space will fill the ground floor, topped by four stories of floor-through condos, and then a penthouse duplex for the sixth and seventh floors. Each apartment will measure about 2,500 square feet.

The designers, BKSK Architects, shepherded the building through three different meetings with the Landmarks Preservation Commission before the commissioners finally approved it in April 2014.

“I cannot imagine a better building for this site,” commissioner Michael Devonshire told the architects at the time. “As a New Yorker, I thank you for this building,” he added.


The New York Times

City Island, A Quainter Side of the Bronx

September 14, 2015

By Marcelle Sussman Fischler

What You’ll Find

From City Island Avenue, residential streets run east and west. Homes vary from bungalows and picturesque cottages on lots as narrow as 25 feet to semidetached houses, Victorians and shingle-style waterfront homes.

Along City Island Avenue are marine supply shops, two small supermarkets, galleries, gift and antiques shops, churches, a branch of theNew York Public Library and Public School 175. Next door is Ambrosini Field, with playground equipment and a baseball field. A dolphin sculpture welcomes visitors to shady Hawkins Park. A touring kayak club is on the island’s eastern shore.

A new waterfront gated condominium community, On the Sound, is under construction on the eastern side of the island, next to the Boatyard, a 1980s gated condominium.

New York Observer

Sag Harbor Is Getting Another Condo Development, Courtesy of Greystone and East End

August 25, 2015

By Morgan Halberg

Sag Harbor is getting a third new condo development in as many years. Greystone, a Manhattan-based real estate development and advisory company, announced that it has formed a joint venture with East End Ventures for a boutique residential project in the Hamptons town.

The planned condominiums will be located at 1, 3, and 5 Ferry Road, on the last remaining undeveloped waterfront land in the village of Sag Harbor, adjacent to the Business District. The developer declined to provide specifics as to the project’s square footage or number of units.

Though Greystone has developed over $1 billion in residential and mixed-use properties, this will be the first time the developer has done a property in the Hamptons.

Curbed Hamptons

Ferry Road Condo Project in Sag Harbor: 'Full Steam Ahead'

August 25, 2015

By Laura Euler

The long-aborning Ferry Road condo project is getting a step closer to completion. Its developers, East End Ventures, have today announced a joint venture with Greystone, a New York City-based real estate development and advisory company. The project will now include 11 units, outside public green space, and a marina. Jeffrey Simpson, head of Greystone, told us that he’s thrilled to be part of the process. “We really feel our boutique luxury aesthetic is beautifully aligned with the intentions for this residential development,” he said. “We’re going full steam ahead to make this a sought-after development.”


Crain’s New York Business

A Sea Change Looms for Once-Sleepy City Island

July 17, 2015

By Kerry Murtha

…Meanwhile, 43 new condominiums will rise on a five-acre waterfront site overlooking Long Island Sound in the next two years. Jeff Simpson, chief executive of the project’s builder, Greystone Property Development, stressed that it was designed to fit in seamlessly with its surroundings, including the island’s 1,500 single-family, mostly clapboard homes. He noted that there will be 22 freestanding townhouses, each with two stacked units, giving the appearance of one-family homes.

“We were worried at first that the complex would be tacky, but it blends in with the community,” said Ms. Dolensek.

Simply dubbed On the Sound, the development will offer a mix of two-, three- and four-bedroom units complete with private driveways, gardens and elevated terraces. A community esplanade and gazebo are also being built. Prices start between $450,000 and $500,000 for a two-bedroom and run close to $600,000 for a four-bedroom. More than a third of them have sold already, according to Mr. Simpson.

“We were planning to stagger construction, but given the demand, we’re forging ahead,” he said.

On the Sound is one of the biggest condo complexes on City Island to go up since the opening of the Boatyard, a 70-unit development erected in the 1980s on the former site of a shipwright’s shop that, like many others, fell victim to the public’s growing preference for fiberglass hulls. The boat makers are long gone, too. The island is now best known for its summer traffic jams and day-trippers who flood in to enjoy a respite from harried city life.

Wall Street Journal

Blink Fitness Leases Brooklyn Lyceum Site

July 13, 2015

By Keiko Morris

The landmarked former bathhouse known as the Brooklyn Lyceum will soon resume its role as a gymnasium: Blink Fitness is expected to open at the Park Slope building next year.

Developer Greystone & Co., which bought the building this year, signed a 15-year lease with the fitness chain to occupy the entire 16,700-square-foot space, company officials said.


Revealed: 225 Fourth Avenue, Rentals Planned Next To Brooklyn Lyceum

July 8, 2015

By Rebecca Baird-Remba

In January, Greystone snapped up a vacant lot next to the landmarked Brooklyn Lyceum in Park Slope for $13,500,000, and now YIMBY has the first look at the 12-story rental building planned for the site at 225 4th Avenue.

The New York Post

Why Vinegar Hill is Brooklyn's Edgiest Enclave

July 8, 2015

By Lana Bortolot

When the Brooklyn Navy Yard announced in May that Wegmans, a Rochester, NY-based supermarket chain, will build on its Admiral’s Row site, local activists and residents alike breathed a sigh of relief.

But many developers aren’t waiting for that much-anticipated opening. New real estate projects are peppering the Wallabout and Vinegar Hill — from large projects such as Navy Green, the full-block, mixed-income complex on Flushing Avenue that will include condominiums and townhomes, to Waterbridge 47, a 25-unit condominium straddling Vinegar Hill and Dumbo at 47 Bridge St.

And there are plenty in between. Though technically in Dumbo, just within one block of Waterbridge 47 three conversions are under construction: 74 condominiums at 51 Jay St.; 15 at the former Brillo factory at 200 Water St.; and a 105-unit rental building at 177-183 Front St. that will offer luxury and affordable housing.

Jeffrey Simpson, head of Greystone Property Development Group, Waterbridge 47’s developer, isn’t daunted by the competition. “Our units are not super large or super expensive,” he says. “[They] fit in the context but still have a boutique feeling and modern systems.”

Pricing for Waterbridge 47 ranges from $939, 750 to $1.4 million for one-bedrooms with 698 to 1,267 square feet (all are in contract); and $1.29 million to $1.52 million for two-bedroom units averaging 980 square feet. A 1,230-square-foot, three-bedroom condo lists for $1.75 million. Sales launched four months ago and the building is 60 percent sold, Simpson said.

Crain’s New York Business

Investment Firm Greystone Buys One-Story TriBeCa Property for $17Million

April 2, 2015

By Daniel Geiger

Greystone, a prolific real estate investment firm and lender, has acquired a small TriBeCa retail building for $17 million.

The company bought 108 Chambers St., a one-story, 2,000-square-foot property, from retail investment firm Ashkenazy Acquisition Corp. The deal closed Thursday.

The property may be diminutive, but it has larger potential. The site has about 12,000 square feet of unused residential development rights, according to Jeffrey Simpson, who heads Greystone Property Development, the company’s acquisition and development arm. That means the site, which is situated at a highly desirable corner lot in one of the city’s hottest residential neighborhoods, could become home to a high-end condo development. The entrance to the Chambers Street subway station also sits directly in front of the site—further enhancing its value.

But plans to convert the retail property into condos will have to wait. Mr. Simpson said that Ashkenazy just arranged two leases that will fill the retail space at 108 Chambers St. for the next decade. He could not yet disclose the tenants.


The Real Deal

SoBro's Best Bets

April 1, 2015

By Kerry Murtha

On City Island, Manhattan-based developer Greystone recently launched a waterfront 43-unit condo building. It’s the first residential development there in more than 15 years. Prices are estimated to start at $478,000.

“”The Bronx is finally getting its piece of the economic pie,” said Cintron. “We’re not going to stop until every neighborhood in this borough benefits.”

Commercial Observer

Greystone and Sentosa Team Up for Long Island Nursing Development

March 31, 2015

By Damian Ghigliotty

National multifamily and healthcare lender Greystone has partnered with New York-based healthcare management company Sentosa Care to develop a 280-bed skilled nursing facility in Nassau County, Long Island, Mortgage Observer has learned.

Woodmere Rehabilitation rendering.

The two companies signed a deal in which Greystone will serve as development manager and financier for the 178,854-square-foot, five-story property to be called the Woodmere Rehabilitation and Healthcare Facility.

The arrangement is a first for both parties.

“It’s an organic situation where a long-term relationship turned the corner into a unique scenario we haven’t explored before,” saidJeffrey Simpson, head of Greystone’s development arm. “Sentosa has been a client of ours for more than a decade, so there’s a proven synergy.”

New York Real Estate Journal

Greystone Hosts Broker Event for Grand Opening of Waterbridge 47

March 24, 2015

Greystone, a real estate development and financial services group, hosted a broker event to mark the grand opening of the sales gallery for Waterbridge 47, a new condominium development featuring 25 residences in DUMBO. Event attendees enjoyed refreshments by Bacchanal, sampled wines from Red Hook Winery and listened to live music by the Live Jazz Trio.

Curbed NY

Questionable Seventh Ave. Landmark Finally Razed for Condos

March 6, 2015

By Zoe Rosenberg

Demolition has started at the site of the landmarked-but-not-really-worth-it triangular building at 130 Seventh Avenue South, DNAinfo reports. The site will give rise to a new high-end condo building designed by BKSK that won over the Landmarks Preservation Commission on its third try in April 2014. The building will replace embattled nightclub Veranda that shuttered amidst legal woes in 2013. The new six-story building between West 9th and West 10th streets is being developed by Greystone with Continental Ventures and Itzhaki Acquisitions.

Curbed NY

Glassy Clinton Hill Rentals to Envelop Historic Brick Facades

February 23, 2015By Zoe Rosenberg

One of developer Greystone’s luxury apartment projects in Clinton Hill is on the rise, and now a rendering of the project has surfaced on AB Architekten’s website (h/t tipster). The rendering shows a glass boxwrapping around the facades of two two-story townhouses. According to a rep from AB Architekten, the facades have been incorporated into the new building’s design as a condition of their seller. Behind the restored facades will be the building’s amenity spaces, including a 761-square-foot outdoor terrace. Permits for the building say it will have 39 rentals over eight floors.CurbedNY

Real Estate Weekly

Developer Hears Opportunity Knocking Where Others Fail to Look

February 18, 2015By Konrad PutzierGreystone Property Development’s strategy resembles that of a truffle pig: It makes a living by searching where others don’t even bother to look.This helps explain why the firm just became the first developer to bring new condos to City Island in more than 15 years. City-IslandLocated off the far fringes of the Bronx in Long Island Sound, well beyond the subway system, City Island is one of New York City’s most remote residential communities.The commuting distance to Manhattan, combined with its small size, means it has attracted little interest from developers — until Greystone came along.Sales have now launched at “On the Sound”, the firm’s 43-townhome development at 226 Fordham Place. Greystone New Development’s CEO Jeffrey Simpson told Real Estate Weekly that the firm hadn’t specifically targeted City Island.

South Florida Business Journal

Developer Proposes 156-unit Residential Tower in Miami’s Edgewater

February 10, 2015

By Brian Bandell

A New York developer wants to build a 156-unit residential tower in Miami’s booming Edgewater neighborhood.

The strip north of downtown Miami is home to many new condo and apartment projects. 2500 Biscayne Property LLC, an affiliate of Greystone & Co., would add to that with a 36-story, 218-foot tower at 2500 and 2590 Biscayne Blvd. In addition to the 156 residential units, it would have 10,595 square feet of commercial/retail space.

The entire building would be 323,764 square feet and include 287 parking spaces, according to its application. The project, currently called NE 26 Street Development, will be heard by Miami’s Urban Development Review Board on Feb. 18.

Commercial Observer

Greystone Pays $17M for Majority Stake in 130 Seventh Avenue South

February 5, 2015

By Lauren Elkies Schram

Less than a year after Continental Venturesand Itzhaki Acquisitions shepherded their Greenwich Village Historic District mixed-use project through a successful Landmarks Preservation Commission review, they have brought in another partner. Greystone Property Development has paid $17 million for a majority interest in the property at 130 Seventh Avenue South at the corner of West 10th Street.

“We developed it to this point in time,” saidJane Gol, the president of Continental Ventures, declining to state the percentage of the stake that was purchased. “We have a relationship with Greystone.”

Curbed NY

Condos in 'Brooklyn's Tribeca' Want to Lure Wine Enthusiasts

February 6, 2015

By Zoe Rosenberg

On a blustery Thursday night, hordes of people—at least far too many to fit comfortably in a small space—joined in celebrating the grand opening broker party for Waterbridge 47, Greystone’s “boutique” development on the Dumbo/Vinegar Hill border. If the party, complete with jazz band, is to be used as an indicator for the clientele the development wants to woo, the answer is this: the endorser of finer things who’s kind of laid back and gets immense satisfaction from telling their family elsewhere they live in Brooklyn. Serendipitously, Greystone CEO of Property Development Jeffrey Simpson indirectly corroborated that assessment, noting that Dumbo really is“Brooklyn’s Tribeca.”

Crain’s New York

Developers Race to Secure Tax Break Before Law Expires

February 1, 2015

By Dan Geiger

Greystone, a real estate development and finance company, recently bought a building site on Fourth Avenue in Park Slope where the previous owner had already secured construction permits, which will allow Greystone to begin building almost immediately.

“Our answer to sellers of development sites that are on the market but don’t have any approvals lined up is ‘You’re dreaming,’ ” said Jeff Simpson, chief executive of property development at Greystone. “On the other hand, the fact that this site was ready to go enhanced the value for sure.”

Crain’s New York

Landmarked B'klyn bathhouse slated for condos

January 22, 2015

By Dan Geiger


The buyer of a Brooklyn landmark has a plans to convert the space to luxury condominiums and to build a sizable rental apartment building next door.

Greystone, a real estate investment and lending firm that has rapidly expanded its residential portfolio in the city over the past year, just closed on its purchase of the Brooklyn Lyceum, along Fourth Avenue in Park Slope, paying $7.6 million. The company is also buying a vacant lot next door for $13.5 million.

The company plans to build a 12-story apartment property on the empty site that will hold up to 70 rental units. It will convert the Lyceum, which was built a century ago as a bathhouse and has served in recent years as an events space, into two or three large luxury-condo units. The conversion will preserve and restore the ornate exterior of the property, which is a landmark.

“We’re looking forward to restoring the building,” said Jeffrey Simpson, CEO of property development at Greystone. “This is a brownstone neighborhood, so we’re going to try to create something in context with that, inside with the units.”

New York Daily News

Brooklyn Lyceum building to go condo following $7.6M deal

January 23, 2015

By Katherine Clarke


Rising real estate prices have claimed another Brooklyn landmark.

The Brooklyn Lyceum building, a former public bathhouse turned performance venue in Park Slope, is the latest in a string of historic buildings to go condo.

Real estate developer Greystone is planning to convert the Fourth Ave. property into high-end townhouse-style homes after buying it at a foreclosure auction for $7.6 million in October, it announced on Friday. The company will also build a new luxury rental building with 68 apartments on a vacant lot next door.

The Lyceum’s celebrated façade, which still features stucco and terra-cotta dolphins dating back to the building’s bathhouse days, will remain intact.

“Park Slope is quintessential Brooklyn and the two properties we’ve acquired in this neighborhood will provide a mix of residential and retail amenities that are in great demand for the area,” said Jeffrey Simpson, head of Greystone.


Brooklyn Lyceum Arts Venue to Become Condos With 12-Story Rental Next Door

January 23, 2015

By Leslie Albrecht

The landmarked Brooklyn Lyceum arts venue will be transformed into condos, and a 12-story rental building will rise next door, a developer announced Friday.

Greystone, which bought the historic Lyceum building at Fourth Avenue and President Street at a foreclosure auction in October, closed a deal Tuesday to acquire the empty lot next door to the Lyceum for $12.5 million, a Greystone spokeswoman said.

New York YIMBY

Revealed: 100 Steuben Street

January 6, 2015

By Nikolai Fedak


As YIMBY first reported in July, an eight-story residential building will soon rise at 100 Steuben Street, in Clinton Hill. And now we have a rendering of the project, which has been designed by AB Architekten, and will be dubbed the Greystone Steuben Street.

Enormous windows dominate the facade, but perhaps the structure’s most notable attribute is its integration into the block’s existing urban fabric. The new structure will nest above two historic townhomes, integrating old and new in a format that should be encouraged and incentivized throughout New York City.

The New York Times

BIG TICKET: West Village Townhouse for $21 Million

January 9, 2015

By Vivian Marino

The townhouse, built in the 1870s, was converted from 10 apartments back to a single-family residence and restored to landmark status by Greystone Property Development and the Vesta Group. The developers bought the property in 2012 for $10.45 million, then embarked on a 15-month, top-to-bottom gut renovation that included new oak wood floors, floor-to-ceiling windows and myriad modern flourishes like an elevator, video security, a fully wired media room and a movable glass wall in the rear of the building.

“The front of the property is completely restored and completely traditional,” said Thomas P. Ryan, a senior vice president of Greystone. “The rear of the building, having full glass, is contemporary and modern.”

Business Insider

HOUSE OF THE DAY: Developers Transformed A 10-Unit Townhouse Into A Gorgeous $21 Million Mansion

December 31, 2014

By Dennis Green


A West Village townhouse that just underwent a painstaking renovation has sold for $21 million.

That’s nearly double what co-developers Vesta Group and Greystone Property Development paid for it in 2012, according to the Wall Street Journal.

The landmark house transformed from a 10-unit townhouse into a stunning single-family home.

Now updated with new wood floors, windows, a garden, an elevator, and central air, the 1880s townhouse looks nowhere near its true age.

For its sale, the apartment was staged by Cheryl Eisen of Interior Marketing Group.

The Wall Street Journal

Downtown Manhattan Townhouse Sells for $21 Million

Built in the 1880s, the townhouse was sold in 2011 by the estate of William Gottlieb, the late real-estate investor


7,100-square-foot downtown Manhattan townhouse has sold for $21 million, according to co-developer Greystone Property Development.

The six-bedroom townhouse on 79 Horatio Street was listed for $22.5 million in March, according to Greystone’s Jeffrey Simpson. It was staged with furnishings in October, which Mr. Simpson said helped attract a buyer. He declined to identify the buyer, but said the buyer is based in the U.S.

Built in the 1880s, the brick townhouse was sold in 2011 by the estate of William Gottlieb, the late real-estate investor known for amassing a major portfolio of downtown Manhattan properties. The estate still retains between about 80 and 100 properties, said Martin McLaughlin, a spokesperson for the estate’s portfolio.

In 2012, the developers, Greystone and the Vesta Group, bought the property through a limited-liability company for $10.45 million, according to public records. They converted the space, which had been cut up into 10 units, into a single-family mansion, as it was originally intended, according to Mr. Simpson.

Curbed NY

Say Hello to Clinton Hill's White Castle-Replacing Rentals

December 17, 2014

by Zoe Rosenberg

Greystone announced that they would be bringing a high-end residential building to the site of Clinton Hill’s dejected White Castle when they acquired the lot in October. Now, Brownstoner has secured first renderings of the building and, well, it is to architecture what a White Castle burger is to food;fast and easy. The boxy rental building is designed by AB Architekten—not, as previously thought, Karl Fischer—and will have 27 apartments and ground floor retail. No word yet on pricing or when the building will begin to rent.

Commercial Property Executive

Greystone Buys Harlem Land Parcels for M-U Development

December 16, 2014

By Anna Spiewak

The New York developer dropped $11.5 million through a bankruptcy auction for three lots on 125th Street and one on 126th Street, with plans of developing a single mixed-use property with approximately 12 floors,with a mix of market-rate residential units, affordable housing and retail on the first floor.Greystone is giving Harlem, New York a real estate boost by purchasing four adjacent land parcels in the area with the intent of turning them into a mixed-use project.

“The 125th St corridor is seeing unprecedented change, with many large developers investing in the area. Greystone saw that this assemblage was located within close proximity of a major transportation hub, and that an immense amount of retail and residential-oriented amenities are planned or in the works,” Jeffrey Simpson, head of Greystone Property Development told Commercial Property Executive. “The Harlem neighborhood has always been desirable for us from a development standpoint, and these four parcels provide an opportunity to build a mix of market rate and affordable housing units that will serve the area as it grows and changes.”

The properties are located between Park and Madison avenues, within close proximity to several public transportation options, green space, restaurants, retail, and several other new construction projects in progress, including a Whole Foods on Lenox Avenue, according to a news release. In total. the development will entail 75 rental units, according to Simpson.

The Wall Street Journal

Harlem’s 125th Street Picks Up Momentum

Surge Includes Projects for Retail, Residential and Office Space

The pace of transformation of Harlem’s 125th Street is picking up speed, attracting developers and retailers who want to be part of the thoroughfare’s ascent.

Earlier this month, developer Greystone & Co. paid $11.5 million through a bankruptcy auction to buy a group of lots facing East 125th Street and a parcel on East 126th Street. Greystone said it intends to build a mix of about 75 market-rate and affordable apartments with retail on the ground floor.

Across the street is Continuum Co. ’s planned development of almost 700 apartments and 80,000 square feet of retail space. And a short walk to the west is developer Jeff Sutton ’s project, which will be anchored by a Whole Foods Market .

“You have major developers coming in and buying up great properties,” said Jeffrey Simpson, head of Greystone’s property development. “There are already great retailers on 125th Street and more coming,” he said.

Many real-estate executives and brokers point to the opening in 2000 of Harlem USA—a retail complex at 125th Street and Frederick Douglass Boulevard—as the spur that brought national brands such as Old Navy and Disney to 125th Street’s commercial corridor.

To be sure, the recession stalled and derailed some development plans along the street. The former developer of the property at 69-75 E. 125th St. recently acquired by Greystone partly blamed the economic downturn for his project’s difficulties, according to a Chapter 11 bankruptcy petition filed in 2013. Neither the former developer, Saadia Shapiro, nor his attorney returned requests for comment.


The New York Times

Brooklyn’s Sleepy Enclave, Vinegar Hill, Awakens

12 Nov 2014

“It’s a little jewel,” said Dale Nichols, a furniture conservator who in 2005 bought a clapboard house on Hudson for $1 million “with eyes wide open that it needed everything, which all those houses do.”

Mr. Nichols and his wife, Jennifer Goldberg, rent the storefront, a former 19th-century grocery, to the owners of Vinegar Hill House, who have transformed it into an airy event space called Hillside, where a dinner series takes place. Mr. Nichols walks to work at a restoration studio he rents near the Commandant’s House, a striking Federal-style mansion built around 1806 that overlooks the Navy Yard.

Residents say a smattering of new apartment buildings has made area streets feel safer, and foot traffic is likely to increase further. At 80 Hudson, a 76,700-square-foot warehouse is on the leasing market for potential development as offices or for other commercial uses, possibly with ground-floor retail.

A few blocks west, large-scale development is underway. On Bridge Street, considered by many the border between boomtown Dumbo and sleepy-hamlet Vinegar Hill, a pair of old freight rails runs across the Belgian-block street and right into the lobby of the Kirkman Lofts, a soap factory converted to condominiums in 2011. The impression is of Dumbo’s industrial chic and general fabulousness racing eastward, almost literally. Next door to Kirkman, a new brick residential building is rising at 47 Bridge. Known asWaterbridge 47, it is planned as a swanky 25-unit condo, complete with a wine-tasting room.

New York Daily News

Brooklyn's sweet spot: Vinegar Hill condo with private wine tasting room to hit market

Sales at the 25-unit condo will launch next week with prices starting at $860K.

Cheers to this sweet Vinegar Hill condo amenity.

A new boutique condo building, at 47 Bridge St. in the quiet cobblestone Brooklyn enclave near DUMBO, has its very own private wine cellar and tasting room where residents and their guests can kick back with a glass of chardonnay.

It’s a luxury add-on common in some of Manhattan’s priciest condo towers but never seen before in Brooklyn.

“DUMBO has been noted as having the highest prices in Brooklyn,” said David Maundrell, CEO of the AptsandLofts.com, the brokerage marketing the project. “You get a sophisticated, higher-end clientele that wants an adult gathering place.”


Developer Buys Landmarked Brooklyn Lyceum for $7.6M at Foreclosure Auction

By Leslie Albrecht

October 24, 2014

PARK SLOPE — A real estate developer bought the Brooklyn Lyceum performance venue at a public foreclosure auction Thursday, a spokeswoman for the buyer confirmed.

Greystone, a financial services and property development company, bought the 1908 building on Fourth Avenue and President Street for $7.6 million.

The spokeswoman declined to comment on Greystone’s plans for the landmarked Lyceum until after the sale closes in roughly 60 days.

Greystone developed Williamsburg’s Printhouse Lofts and recently bought two Clinton Hill properties that will be turned into “luxury apartment rental buildings with high-end amenities,” according to the company’s website.

Crain’s New York

Williamsburg property sold for second time in a year

Greystone has sold Printhouse Lofts for $30 million, a residential conversion it bought last year when it was still a work in progress for $15 million. Now fully leased up, it is has been bought by Clarion Partners.

Greystone has sold Printhouse Lofts, a half-finished residential development in Williamsburg that it scooped up last year and subsequently completed, for almost double what it purchased the property for.

Clarion Partners, a financial firm that invests on behalf of institutional clients like pension funds and banks, acquired the 36-unit property at 139 N. 10th St., between Berry Street and Bedford Avenue, for $30.5 million, according to property records.

Greystone, whose founder and chief executive, Stephen Rosenberg, recently spoke with Crain’sabout the firm’s business, bought the building in 2013 for $15.8 million, while it was still under construction by a partnership between Rabsky and Fortis.

“We were looking for projects between 30 and 40 units in size to do,” said Jeffrey Simpson, who heads Greystone’s property development group. “It was a great sweet spot because for some folks that’s a bit too small and for others it’s too large, so we felt like we got a great deal on it.”

As its name suggests, the property is a former printing factory. Greystone refurbished and expanded the building, restoring architectural details like the property’s brickwork and wood-beamed ceilings in the process. Rabsky and Fortis had originally planned to convert the building into condos, but Greystone turned it into rental units instead and in recent months fully leased the property.

“We saw that there is a big demand for rentals and that this is a property that could really fetch high rents,” Mr. Simpson said, noting that average leasing rates in the building went for between $60 to $70 per square foot.

Jeff Julien, Rob Hinckley and Andrew Scandalios, brokers at HFF, arranged the sale for Greystone.

The deal is one of several recent transactions done by institutional real estate investors in Brooklyn, which has begun to rival Manhattan in terms of its ability to draw major landlords eager to acquire property.

“We believe that Printhouse Lofts is a top institutional-quality asset in one of New York City’s fastest-growing and popular neighborhoods,” Gary Rufrano, an executive at Clarion Partners, said in a statement. Clarion owns another Williamsburg apartment building, at 44 Berry St.

Printhouse Lofts is one of several residential projects that Greystone has recently undertaken in the city. The firm just acquired the Brooklyn Lyceum along Fourth Avenue in Park Slope for $7.6 million, a landmarked property it hopes to convert into residential space. It is also underway with a residential project in Dumbo called Waterbridge 47, a 25-unit condo building, and two residential buildings in Clinton Hill, Brooklyn.

New York Post

Best NYC rentals to snap up before they disappear

(See slide 24)

When Vinny D’Andraia showed up at The Bergen, the new rental building just on the border of Park Slope and Boerum Hill, he had zero interest in mincing words about the rental market.

“It’s been awful,” he asserted.

D’Andraia had spent four days looking at one-bedrooms for himself and his girlfriend in Williamsburg, Prospect Heights, Park Slope and Fort Greene — all of which seemed too cramped, too dusty, too much in disrepair. So he decided to check out one of the new developments. When he called that morning, some of the less expensive one-bedrooms (under $3,000), were still on the market. But by 1 p.m., they were gone.

One can argue that this is a pretty typical experience for renters.

After a winter where rents looked like they were finally coming down and the vacancy rate looked as if it was edging up, the market reverted to form just in time for the heavy rental season.

According to figures released last week by real estate appraisal firm Miller Samuel, the average rental in Manhattan rose 5.1 percent to $4,008. (Yes, the average apartment is over $4,000 per month.) And the vacancy rate dropped from 1.58 percent to 1.45 percent. In Brooklyn the average price of an apartment is not much lower at $3,209.

Yahoo! News

The Island Life: Idyllic Bronx Island Will Get Its First New Condos in 15 Years

At 230 acres and just 4,400 residents, City Island is one of those rustic enclaves within the urban sprawl that is slow to change. But, as per the Times, even this nautical community is not immune to the condo boom gripping the rest of New York. In fact, the first new condos in 15 years are going up on the Bronx island’s eastern shore, facing the Long Island Sound. Developed by Greystone and designed by Kutnicki Bernstein Architects, sales for On the Sound’s 21 two-family homes and one single-family home will launch this spring, with asking prices for 2BRs starting in the high $400,000s. Three-bedrooms will be priced from the high $500,000s.

City Islanders have long displayed some NIMBY tendencies—opposing a bridge’s original design and being wary of a ferry that would deliver visitors to nearby burial ground Hart Island. They have always prized preserving their special pocket of the city. But On the Sound has caused little stir. The developer is building a waterfront esplanade for public use, its buildings are not tall (under the island’s 35-foot height limit), and the two-family units are designed to look like single-family homes—all cute and New England-y—just like most of its neighbors.

The Real Deal

Greystone picks up Edgewater land for $10M

A company tied to New York-based Greystone & Co. is the latest to make a land grab in Miami’s Edgewater neighborhood.

The Greystone company, 2500 Biscayne Property, paid $10 million for a mixed-use building at 2500 Biscayne Boulevard and seven vacant parcels totaling 0.87 of an acre, according to Miami-Dade County records. Several companies managed by David and Rochelle Sokol sold the properties to 2500 Biscayne. The transaction closed on Friday.

No financing was recorded.

Greystone is already planning a multifamily project near Miracle Mile in Coral Gables. It formed a joint venture with Miami-based Alta Developers and Strategic Properties to develop a 13-story, 119-unit apartment building with ground-floor retail space.

A Greystone spokesperson told the Daily Business Review the company intends to develop the Edgewater site with the same partners. Project details were not disclosed. [Daily Business Review] — Eric Kalis

The New York Times

A Bit More City on City Island

New condo developments on City Island, which hugs the eastern edge of the Bronx, aren’t proposed often, and residents of this 230-acre island have a history of being tough to please.

But On the Sound, a 43-unit condo development proposed for City Island’s “Gold Coast” on Long Island Sound, seems to have passed muster. The project will be the first large-scale residential development in about 15 years for City Island, a place that is reminiscent of a fishing village in New England and as such an anomaly within the borders of New York City.

With construction already underway and sales starting this fall, the development should see its first buyers moving in by fall 2015, said Thomas P. Ryan, a senior vice president of Greystone, the property development company building the gated complex. The project will consist of 21 two-family dwellings, as well as one single-family home and a clubhouse, clustered on five waterfront acres at 226 Fordham Place. Almost every unit will have water views.

New York Observer

The Finest in Gentrification: W. Village Tenement Goes Luxe, Asks $22.5 M.

For the moment, the grandeur of the interiors slated for the landmarked townhouse at 79 Horatio Street, in the West Village, remains a matter of faith. On a recent morning, the Observer joined Tom Ryan, senior head of operations at Greystone, which is developing the property, for a tour of the house. Carpentry crews went to and fro with measuring tape and saws amid raw wood and exposed wiring. Architect’s plans lay unfurled on a makeshift desk. “It takes vision,” Mr. Ryan allowed. Still, the home, which is due for completion this spring, and which went on the market last week with Fredrik Eklund and John Gomes of Douglas Elliman asking $22.5 million, already shows promise.

“Interest has been incredibly strong,” Mr. Ryan said. “And not from just tire-kickers, either. I’m talking about people whom—if you opened up the newspaper and saw them, you’d know who they are.”

A former tenement house that once belonged to real estate hoarder William Gottlieb, 79 Horatio has undergone the better portion of a gut renovation since last we wrote about it in July 2012, when in its unimproved condition it hoped to fetch $12.5 million. (Greystone eventually picked it up for $10.45 million, intending the single-family conversion now under way.) Since then, a central air shaft has vanished and white paint has been stripped from the facade to expose handsome red brick, which appeared to have been scorched by fire, and which has been immaculately restored. Original cornices, too, have been buffed to a lustrous polish.

The Real Deal

Greystone buys Clinton Hill sites from Rabsky

Developer plans two rental projects with expected value of $50M

Midtown-based developer and financial services firm Greystone acquired two Clinton Hill development sites owned by Simon Dushinsky’s Rabsky Group, according to a spokesperson for Greystone. The projected value of the sites after they are redeveloped is a combined $50 million.

Greystone plans to build an unspecified number of high-end rental apartments at 529-533 Myrtle Avenue and 100-102 Steuben Street. Rabsky had filed plans in May to build a 27-unit, five-story apartment building at the Myrtle Avenue site, which now houses a White Castle restaurant. Karl Fischer was hired as the architect. A spokesperson said the details of Greystone’s rental project are still being determined.

The Myrtle Avenue site offers 30,000 buildable square feet, while the Steuben Street site, which houses a factory, offers 20,000 buildable square feet, according to PropertyShark. The purchase price of the buildings was not disclosed. — Mark Maurer


100-Year-Old Williamsburg Warehouse Reborn As 36 Rentals

The former warehouse at 139 North 10th Street will launch next month as 36 loft rental apartments, joining the ever growing list of born-again boom projects. Development firm Greystone finally did what two previous owners could not, and converted the 104-year-old warehouse from artists lofts to luxury rentals. HTO Architect PLLC executed the conversion, which preserves industrial elements like exposed beams, oversized tilt and turn windows, exposed brick columns, and 13-foot ceilings, and Durukan Design created the interior spaces. Most of the units will be one-bedrooms, for which prices start around $2,600 per month. There will be six two-bedrooms, starting at about $4,000, and two three-bedrooms, which will rent from approximately $5,950. There are no interior renderings yet, but two of the ground floor units will have 50-foot-long glass solariums, and one fifth-floor unit has a 225-square-foot terrace. All units have stainless steel appliances, farmhouse sinks, and natural stone countertops. Building amenities include a virtual doorman, video intercom system, laundry machines, bike storage, and a 2,500-square-foot of roof deck.A conversion of the building has been in the works for more than five years. The original owner, Ramon Maislen, planned to convert the building, but he couldn’t afford to buy out the artist tenants or actually fund the conversion. So he sold the building to Fortis Property Group in 2011 for $6.1 million. Public records show that Fortis sold it to Greystone just last year for $15.8 million. The building dates to 1910, which the brokerbabble calls “a momentous year: William Taft was president, The Boy Scouts incorporated, Paul Bunyan folklore was born and Printhouse Lofts originally joined New York’s industrial scene brick by mortared brick.” Because a Brooklyn warehouse is definitely as important as the Boy Scouts.

NY Observer

The Bones Speak: The Printhouse Lofts in Williamsburg are Primed for Market

On a warm and misty morning last week, the Observer met Dave Maundrell, president and founder of Apartments and Lofts (aptsandlofts.com), at 139 North 10th Street in Williamsburg for a tour of the Printhouse Lofts building, whose leasing and marketing Mr. Maundrell is managing. Built in the early 1900s, the stately brick edifice was used over the years by a printing company (get it?) and a toy factory, and has lately been converted by Greystone to 36 luxury apartments. Greystone acquired the property last year for $15.8 million, following a brief game of hot potato among parties unwilling or financially unable to oversee the overhaul themselves. Dressed in a dark blazer over an untucked pink button-down, Mr. Maundrell was in a relaxed and buoyant mood; the product, he felt quite sure, would practically move itself. (Tom Ryan, senior head of operations at Greystone, was also on hand; if the building inspired trepidation in its previous stewards, he did not appear to have inherited it.)

We moved past an antique printing press, heavy and washed tastefully in rust, that had been installed in the lobby’s concrete floor, and up via elevator to the model unit, a “1.5 bedroom,” the like of which will be offered for $3,575 a month. (Within three hours of a recent email blast, Mr. Maundrell said that he’d compiled a list of 100 prospective renters and brokers interested in the building, and he expects prices to rise swiftly; showings will begin in the next two weeks.) As in many other recent industrial conversions, “authenticity” at the Printhouse Lofts has been commodified. “The kind of people who want to be in this area, more and more, they like the loft conversions, something that has a little more soul,” Mr. Maundrell said. “Always, we want to have nice kitchens and bathrooms, but other than that, you really want to let the bones speak for themselves.”

The Real Deal

Greystone’s Printhouse Lofts 50 percent leased

Former Williamsburg warehouse units hit market two weeks ago after delayed conversion

Commercial lender and developer Greystone’s Printhouse Lofts at 139 North 10th Street are 50 percent leased — less than two weeks after hitting the market.

Situated in a 104-year-old former warehouse in Williamsburg, the luxury rentals came online last month following a long-delayed conversion. Greystone teamed with HTO Architect PLLC and Durukan Design to convert the property into 36 loft-style apartments, offering up 28 one-bedrooms, six two-bedrooms and two three-bedroom apartments. The ground-floor units boast 50-foot long solariums, while all the properties feature stainless steel appliances, farmhouse sinks and natural stone countertops, according to a release from Greystone.

The units range in price from $2,600 per month for a one-bedroom to $6,188 per month for a three-bedroom, and in size from approximately 400 square feet to over 1,000 square feet. Building amenities include a virtual doorman, video intercom system, laundry on all floors, bike storage and 2,500 square feet of shared roof space.

The planned building conversion hit a snag under previous owner Ramon Maislen, who did not have the funds to buy out the property’s previous artist tenants. Maislen consequently sold the property to Fortis Property Group in 2011 for $6.1 million. Fortis then flipped the building last year, selling to Greystone for $15.8 million, as The Real Deal reported at the time. — Julie Strickland

HGTVs Selling New York

Selling New York S6E2: Keeping It Clean

HGTV’s Selling New York rides along with brokerages CORE, Kleier Residential, and Warburg as they try to sell fabulous properties fabulously. Here’s our recap of how the NYC real estate industry is portrayed to the world, penned by Angela Bunt. Episode air date: 12/13/2012.

In this week’s episode, Michele Kleier is feeling the pressure from the property developers over at Greystone to sell their $4.75M, 4BR, 4.5BA Upper East Side penthouse before the summer rolls around. But this isn’t Michele’s first rodeo, and she’s ready to bust out the big guns and git ‘er done. Also featured this week is the fresh-faced Adrian Noriega, who’s trying to move a Flatiron property for the highest dollar-per-square-foot possible. But with his client’s disdain for dirty carpets, she’s hesitant to allow an open house in the apartment. Will Adrian be able to create enough buzz around the apartment without an open house? Will Michele be able to turn over the UES penthouse before the end of spring? Read on, friends. Read on.

We first catch up with Mama Kleier at 180 East 93 Street, where she’s hanging with Doug Benach, president of Greystone Property Development, and Jeffrey Simpson, the director of development at Greystone. They’ve given Michele (and co-broker Lauren Muss) the exclusive on two penthouses in the Upper East Side building. Penthouse two has been sold, but that pesky penthouse one has yet to move. The trio discuss marketing strategies and decide that the apartment needs to be staged and shown in an open house.

South Florida Business Journal

Developer plans 119 apartments, retail in Coral Gables

New York-based Greystone and Alta Developer and Strategic Properties, the latter two from Miami, announced plans for a 13-story, mixed-use project in Coral Gables.

The Mile at Coral Way LLC, managed by Simon Abel Groll, recently sold the site at 3622 S.W. 22nd Street (Coral Way) for $7.1 million to The Mile at Coral Gables LLC, the name of the joint venture between the three developers. Maxim Credit Corp. provided a $5 million mortgage for the deal.

The property previously traded for $6.2 million in 2005.

The Real Deal

Greystone plans Coral Gables apartment project

New York company makes Miami multifamily debut with The Mile

Greystone Property Development is making an initial foray into the Miami multifamily market with a planned project near Miracle Mile in Coral Gables.

The New York-based firm has acquired the development site at 3622 Coral Way and hopes to begin construction on The Mile in the first quarter of 2014, Globe St. reported. The Mile is a planned 13-story, 119-unit apartment building with ground-floor retail space. The building’s projected value upon completion exceeds $40 million.

Greystone has formed a joint venture with Miami-based Alta Developers and Strategic Properties for the development. Coral Gables-based architecture firm Behar Font & Partners has been retained to design the building.

Press Releases


AUGUST 27, 2018 — Greystone Development has commenced leasing at No. 223 located in Park Slope, Brooklyn. Situated near the Union Street MTA station, and next door to Blink fitness, this modern, 13-story building, adds 63 meticulously designed rental units, from studios to two bedrooms, to this vibrant neighborhood.


MAY 14, 2018 — Greystone Development announced it has sold 227 4th Avenue for $10 million to an unnamed buyer. Ofer Cohen of TerraCRG brokered the deal on behalf of Greystone. Brian Flanagan of Sterling Project Development managed the acquisition for the buyer.


MAY 09, 2018 — Greystone Development and preservation experts Walter B. Melvin Architects, announced that the New York Landmarks Conservancy has recognized the 227 4th Avenue property with the Lucy G. Moses Preservation Award.


APRIL 3, 2018 — Greystone Development announced it has completed the ground-up construction of 2500 Biscayne Boulevard, a 19-story mixed-use property in Edgewater, FL. In conjunction with the completion, Greystone sold its stake in both the residential and retail portions of the recently completed property.

For press inquiries, Please contact Karen Marotta at 212-896-9149 karen.marotta@greyco.com


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