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.”
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
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.
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.
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.