The Wall Street Journal

 

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

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

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

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

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

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.”

DNAInfo

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.