Crain’s New York Business

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.”